Get a free, no obligation personal loan quote with rates as low as 6.99%
Get Started You can apply with no effect to your credit score

Bankruptcy is never something that we think will happen, however, depending on your debt, bankruptcy may be exactly what you need to get your life back in order. However, while bankruptcy can be the best solution for your situation, it can be embarrassing for some. To alleviate some of the embarrassment and social issues that come with filing for bankruptcy, here’s what can turn up in a bankruptcy search in Canada.

Find out who will have access to information about your bankruptcy and why they need to know.

If You File For Bankruptcy, Who Will Know?

According to Canadian law, including the Bankruptcy and Insolvency Act, there are several individuals or entities that are entitled to know about your bankruptcy status. The following entities can legally access your bankruptcy information because it may affect their interactions with you.

Bankruptcy Search In Canada By Future Lenders

This includes any person or institution that you try to get a loan or credit product. When you declare Bankruptcy, it’ll remain on your credit report for 7 years after you’ve been discharged. During that time, any lender that you apply with will be able to see you’ve declared bankruptcy when they check your credit. In the eyes of a potential lender, this typically makes you a high-risk borrower. This may affect your ability to borrow any amount of money.

Bankruptcy Search In Canada By Creditors

The creditors who you are working with when you file for bankruptcy will receive a detailed report from your bankruptcy trustee. If you apply for new credit after you’ve filed for bankruptcy those potential new creditors will also know about your bankruptcy because it is recorded on your credit report.

Bankruptcy Search In Canada By The Federal Government

The federal government maintains a list of individuals who are bankrupt in their bankruptcy records. Licensed Insolvency Trustees must submit a list of individuals who have filed for bankruptcy to the superintendent of the bankruptcy. 

Bankruptcy Search In Canada By Credit Bureaus

The credit bureaus (Equifax and TransUnion are the two major bureaus in Canada) will automatically know about your bankruptcy. This is because they receive information from the Office of the Superintendent of Bankruptcy.

The credit bureaus record your bankruptcy on your credit report and anyone who has access to it will also know that you’ve filed for bankruptcy. This information typically remains on your credit report for 7 years and may affect your creditworthiness.

Does My Licensed Insolvency Trustee Notify Anyone Of My Bankruptcy?

There are certain parties that will be notified of your bankruptcy filing, while others will only be informed if you give permission.

Creditors 

Once you file for bankruptcy, your trustee will notify your creditors. Your bankruptcy filing will also be noted on your credit report, which will remain on your records for 7 years following discharge. Since creditors have access to your credit report when you apply for a loan or credit product, they will see that you have filed for bankruptcy in the past. 

Office Of Superintendent of Bankruptcy (OSB) 

As mentioned, the Office of Superintendent of Bankruptcy (OSB) will also be notified of your bankruptcy. Anyone who searches the OSB’s bankruptcy registry will see that you have filed for bankruptcy, though this registry only provides limited information about your filing.

Employer 

Your employer will only be notified of your bankruptcy if you want them to know about your situation. For instance, you may want your trustee to inform your employer about your bankruptcy if your wages have been garnished as a result. In this case, your trustee may try to stop the garnishment. 

Will My Bankruptcy Be Published In The Newspaper?

No. Information about your bankruptcy is kept private, and only those who are privy to this information — such as your creditors — will be notified. However, a newspaper may publish a legal notice of your bankruptcy if you’re someone with substantial assets. This generally refers to businesses and individuals with high net worth.

Can You Prevent Anyone From Knowing You Filed Bankruptcy?

Unfortunately, the issue with bankruptcy is that it’s public record, the reports that the Office of the Superintendent of Bankruptcy keeps are open to the public. This means anyone who really wants information about you can find it and it’s essentially impossible to stop them. 

While we understand that this may seem like it’s a violation of your privacy, in general, there aren’t many people who are willing to go through public records just to find out that you’ve filed for bankruptcy. 

How Can You Find Out If Someone Filed For Bankruptcy?

As mentioned, the OSB’s bankruptcy registry will have limited information about a person’s bankruptcy. If you want to find out if someone has filed for bankruptcy, you can pay a small fee to have the board search for records of a particular person.

To find someone on the registry, visit the OSB’s website and create an account. Enter as much information about the person that you can, such as their name, age, and location of bankruptcy filing. Each individual search costs $8, regardless of whether or not you find what you’re looking for. 

Keep in mind that you cannot randomly search for people using the online OSB’s registry. You must know exactly who you’re looking for to use the tool.

What Can People See When They Perform A Bankruptcy Search In Canada?

Anyone who is searching for your bankruptcy history in the Bankruptcy and Insolvency database will see the following information about your records:

  • Record of all bankruptcies registered since 1978
  • All recorded petitions  
  • Receiverships registered since 1993
  • Businesses that were granted protection under the Companies Creditors Arrangement Act (CCAA) since September 2009

Avoid The Myth Of Bankruptcy

Depending on who you’ve been talking to you might have one of two extremely different points of view about filing for bankruptcy. Typically people either believe that bankruptcy will either ruin them financially for the rest of their lives or that they’ll be able to recover quickly. Neither is technically true.

Bankruptcy won’t ruin your life forever, but it’s not easy to recover from either. It falls somewhere in between the two and usually depends on the person and what state their finances are in. 

However, it’s not impossible to recover and countless individuals have been able to recover from bankruptcy and move on to live successful lives. It’s really up to you and how you deal with the situation; we always suggest seeking professional help should you feel like you can’t handle bankruptcy on your own.

Bottom Line On Bankruptcy Searches In Canada

Considering the above information, if bankruptcy is the best option available you, you should not let potential embarrassment prevent you from taking back control of your life and your finances. Always exhaust all other options before you file for bankruptcy, while it’s an option that many people need to take, if it can be avoided, it should be.

Bankruptcy Search In Canada FAQs

How long will creditors see my bankruptcy?

Your record of bankruptcy will remain on your credit report for 6 years from the date of discharge. Any creditor who pulls your credit report within this time frame will see your filing.

How can I check if someone declared bankruptcy?

You can search public bankruptcy and insolvency records online to find out if an individual declared bankruptcy as far back as 1978. There is a charge of $8 per search.  

How do future lenders find out I declared bankruptcy?

The Licensed Insolvency Trustee in an individual’s consumer bankruptcy will send a notice of bankruptcy to each creditor. When creditors receive this notice, they’ll make a note of the individual’s bankruptcy. If you apply for a loan while your bankruptcy is still on your credit report, the lender will be able to see it.

Lisa Rennie avatar on Loans Canada
Lisa Rennie

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

More From This Author

Special Offers

More From Our Experts

https://loanscanada.ca/wp-content/uploads/2023/09/GlobeMailTopCompanies2023-1.png
Loans Canada places No. 228 on The Globe and Mail’s fifth-annual ranking of Canada’s Top Growing Companies.

By Caitlin Wood, BA
Published on September 29, 2023

Loans Canada is excited to announce it has made it onto the Globe and Mail’s Top Growing Companies list for the second year in a row.

https://loanscanada.ca/wp-content/uploads/2023/09/Finder-Awards.png
Finder Awards Finalists: Personal Loans Customer Satisfaction Awards 2023

By Priyanka Correia, BComm

Loans Canada is happy to announce it received the finalist award in the Best Personal Loan Search Platform category.

https://loanscanada.ca/wp-content/uploads/2016/12/caution-1.jpg
Beware of Fraudulent Lenders Impersonating Loans Canada

By Caitlin Wood, BA

A note to our clients about fraudulent lending practices and illegal upfront fees.

https://loanscanada.ca/wp-content/uploads/2022/10/How-To-Pay-Your-Taxes-With-A-Credit-Card-Through.png
How To Pay Your Income Taxes With A Credit Card

By Lisa Rennie

If you’d like to pay your taxes using a credit card, you’ll need to use a third-party service provider like Plastiq or PaySimply.

https://loanscanada.ca/wp-content/uploads/2021/08/Climate-Action-Incentive-CAI-1.png
What Is The Canada Carbon Rebate (CCR)?

By Bryan Daly

The Climate Action Incentive Payment (CAIP), or Carbon Tax Rebate, is quarterly benefit paid to eligible Canadians in

https://loanscanada.ca/wp-content/uploads/2021/03/Canada-Workers-Benefit-CWB.png
Can You Claim The Canada Workers Benefit (CWB) In 2024?

By Bryan Daly

The Canada Workers Benefit is a refundable tax credit for individuals earning a low taxable income of $3,000 - $24,112.

https://loanscanada.ca/wp-content/uploads/2020/12/Student-Tax-Credits-and-Deductions.png
Student Tax Credits In Canada

By Chrissy Kapralos

Similar to how there are specific tax credits and deductions for businesses, seniors, and parents, there are student tax credits in Canada.

https://loanscanada.ca/wp-content/uploads/2021/04/Pay-Less-Taxes-Canada.png
How To Pay Fewer Taxes In Canada

By Bryan Daly

People are always trying to figure out how to save money on taxes in Canada. We present the best ways to legally pay less tax in Canada.

Recognized As One Of Canada's Top Growing Companies

Loans Canada, the country's original loan comparison platform, is proud to be recognized as one of Canada's fastest growing companies by The Globe and Mail!

Read More

Why choose Loans Canada?

Apply Once &
Get Multiple Offers
Save Time
And Money
Get Your Free
Credit Score
Free
Service
Expert Tips
And Advice
Exclusive
Offers

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.

Koho Prepaid Credit Card