Are bankruptcies public record in Canada?

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In Canada, bankruptcies are public records managed by the Office of the Superintendent of Bankruptcy (OSB). By setting up an account and paying $8, you can access debtor information and details of insolvency proceedings in the OSB database. While creditors and credit bureaus get notified immediately, others find out only if you disclose it or if the case becomes publicized. Reach out if you have any questions. Not all trustees can be trusted.

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Bankruptcies Public Record Canada Question

Are bankruptcies public record in Canada? I’m wondering if bankruptcies are a matter of public record in Canada and who can access them.

From: Anonymous Question
Location: Ajax, Ontario (ON)
Category: personal bankruptcy

Bankruptcies Public Record Canada Answer

In Canada, bankruptcies are open to the public and managed by the Office of the Superintendent of Bankruptcy (OSB). These records shed light on debtor information and the ins and outs of insolvency proceedings. For those curious, you can tap into this information through the OSB’s searchable database, but you’ll need to set up an account and chip in $8 for every 10 results you fancy. While creditors and credit bureaus get a heads-up right away, other folks—like your boss or pals—will typically only find out if you choose to spill the beans or if it’s a particularly tangled case that gets announced in local papers.

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

Yes, bankruptcies are a matter of public record in Canada. The Bankruptcy and Insolvency Act (BIA), specifically under Section 193, stipulates that all bankruptcy orders, proposals, and related documents are accessible to the public. Access is generally provided through the Office of the Superintendent of Bankruptcy (OSB) and the corresponding Licensed Insolvency Trustees, who maintain records of these proceedings. Anyone can request information about an individual’s bankruptcy status or details from these records.

From: OSB Helper

Related Questions to Bankruptcies Public Record In Canada

Here are the top 5 most frequently asked questions related to the public record status of bankruptcies, formatted in markdown:

1. Are bankruptcies public record?

Yes, bankruptcies are public records.

2. How can I check if someone has been bankrupt?

You can check by paying a fee to the Office of the Superintendent of Bankruptcy for a specific search.

3. Will my bankruptcy be published in the newspaper?

No, it is rare for a bankruptcy to be published in a newspaper, unless it involves substantial assets.

4. Who will know about my bankruptcy?

Your Trustee, creditors, and the Office of the Superintendent of Bankruptcy will know, as well as any lender checking your credit report.

5. How long do credit bureaus report bankruptcies?

Credit bureaus report bankruptcies for six years from the date of discharge, or 14 years if it is a second bankruptcy[1][3][5].

If you have a question about debt see our debt questions or ask your own debt related question.

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