What happens if you declare bankruptcy a SECOND time?

What happens if you declare bankruptcy a SECOND time? | Paul J. Pickering


What happens if you declare bankruptcy a second time?

There are three main issues that second bankruptcies affect differently than the first, discharge time, cost, and credit report duration

Discharge Time:

  • If you declare bankruptcy a second time, the automatic discharge time goes from 9 months to 24 months (if there is no surplus income).
  • If there is surplus income the second bankruptcy extends the automatic discharge time from 21 months to 36 months


  • In the event of a second bankruptcy, the cost of the bankruptcy will increase.


  • First time bankruptcies stay on your credit report for 6 years, however the second time around, the bankruptcy will stay on your report for 14 years

If at all possible, avoiding a second bankruptcy is ideal. A great potential alternative is a consumer proposal which would allow you to avoid a bankruptcy as well as provide a solution for your money issue.


Very Friendly Service | Oct 6, 2016

Very friendly service from all in the office. Any questions I had were always answered right away. Very impressed with all the help I received.

About Us

“We started this business in 1990 to provide one on one financial solutions. We are here to help you through your solution with dignity, respect and the highest confidence in your future.”

Paul J. Pickering CPA CA CIRP LIT

Paul J. Pickering and Associates Limited (formerly Paul J. Pickering Limited) was founded in 1990 with the ideas and thought of helping individuals deal with personal debts and the process of financial rehabilitation.

Paul Pickering graduated from the Ivey School of Business, University of Western Ontario in 1976. In 1980 Paul received his Chartered Accountants designation and his Trustee licence in 1988.

While working for a national insolvency firm, Paul saw the need of providing financial services on an individual basis without the structure of a large imposing firm. On November 1, 1990, the firm was born.

Since 1990, the firm has continued to provide one on one service to London and area. All facets of the Bankruptcy process or Proposal process are conducted within the office. Unlike other firms, we do not use contract facilities to provide the counselling required under the legislation.

All consultations are free of charge because we encourage people to understand the process. We leave the decision to the individual as to how they wish to resolve their financial situation.

Our goal is to treat everyone facing financial difficulty with dignity and respect.