     Zachary1 (Drcredit) | Sunday, August 27, 2000 - 04:22 pm 
Yes, that's mostly true--the only exemptions are small amounts for personal effects and "tools of your trade", as well as farm exemptions (year's seed, machinery, etc.)
As for provincial lengths that BK stay on your credit report, they vary for 1st BK between six and 10 years (10 years in Prince Edward Island) and between 10 and 14 years (14 years in good 'ol P.E.I.) for second and subsequent bankruptcies (the rules for discharge are also much more strict for 2+ BKs as well). Basically, the effect on credit is the same as in the U.S., the BK gets entered as public record and the individual accounts get listed as 'included in bankruptcy'. There is a pre- and post- bk tax return involved and both go toward satisfying the estate. It takes a minimum of nine months to discharge from date of filing; can be longer -- especially for 2+ BKs. You can establish good credit much the same way as in the U.S., and real estate loans can be made (probably awful terms) as early as 2 years post-discharge. |
