If you’re facing the possibility of filing for bankruptcy or a consumer proposal, you may be concerned about privacy. Who will find out? Will the neighbours know? Your boss? Or (perish the thought!) your in-laws? Well, we have encouraging news for you.
In most bankruptcies and consumer proposals, the only people in your personal circle who will know will be the ones you choose to tell unless they are creditors of you. While bankruptcies are a matter of public record, they’re not advertised via newspaper announcement unless your free assets (assets less secured liabilities) exceed $15,000.
So who exactly will know? Here’s a list of those that must be notified:
Unless your wages have been garnisheed and your trustee needs to stop the garnishment, your employer won’t need to know about either a bankruptcy or a consumer proposal. Some professional associations place restrictions on individuals filing for bankruptcy or making a proposal. You should check with your professional association on this. If you work in a job which requires security banking, a bankruptcy or proposal may affect your ability to be bonded and potentially your employment. The Bankruptcy and Insolvency Act specifically prohibits any employer from firing an individual solely based upon filing for bankruptcy or making a proposal.
For more information on how you might be affected by a consumer proposal or bankruptcy, call today for your free, no-obligation consultation: in Ottawa call 613-237-5555; out of town, call toll-free 1-800-517-9926 or book online now.