Post-Bankruptcy

Keep Documents for 7 Years After Discharge

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In Canada, it’s wise to keep your bankruptcy paperwork for at least seven years. This includes your bankruptcy order, discharge docs, and related correspondence. Keeping these documents handy is important for proving your financial status and discharge. This protects you from debt collection issues and credit report errors.

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Question

How long should I keep documents after bankruptcy? I’m unsure how long I need to retain my bankruptcy paperwork and documents.

From: Anonymous, Quebec (QC)

Answer

In Canada, it’s a good idea to hold onto your bankruptcy paperwork for at least seven years after you’re discharged. This includes your bankruptcy order, discharge docs, and any related correspondence. Keeping these papers handy is crucial as they serve as proof of your financial situation and discharge, especially if you face debt collection issues or credit report errors post-bankruptcy. Plus, having these records can protect you against identity theft or fraud, where someone might try to pin old debts on you that were wiped out by your bankruptcy.

From: Insider Scott

OSB Based Answer

You should keep your bankruptcy paperwork for at least six years after your discharge. This timeframe is based on Section 149 of the Bankruptcy and Insolvency Act, which pertains to the maintenance of records by certain parties involved in the bankruptcy process. Retaining these documents is important for any potential inquiries or claims that may arise afterward.

From: This answer is provided by scanning the OSB Bankruptcy & Insolvency Act and related directives

References

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