Filing for personal bankruptcy or a consumer proposal does not necessarily mean your registration with the Real Estate Council of Ontario (RECO) will be revoked.
If you are about to file for bankruptcy or a proposal as a real estate agent, you must inform the Registrar’s office within five days of your filing and include the following documentation:
- A signed and dated statement including the specific reasons that led to your filing
- Form 69: Assignment of Bankruptcy
- Form 79: Statement of Assets, Liabilities
- Form 65: Monthly Income and Expense Statement
- Form 84: Certificate of Discharge (if applicable)
If you have filed for bankruptcy or a proposal in the past and were discharged, you will need to still disclose this information if you are a new applicant to RECO, including the above forms. Again, a bankruptcy or proposal filing will not prevent you from registering, however, you may be asked to voluntarily enter into conditions upon your registration.
Can I Become a Real Estate Agent if I File for Bankruptcy?
Again, under normal circumstances, bankruptcies and consumer proposals do not prevent registration with RECO. While insolvency events must be disclosed when you apply for registration, discharged or otherwise, your reason for filing in your application, along with your creditors and your overall financial picture will be looked at in detail to determine whether or not you can perform successfully as a real estate agent.
For specific information on how bankruptcy impacts your professional designation, you are encouraged to contact the Registrar’s office at RECO.
If you are struggling to keep up with unsecured debt payments, you can contact a Hoyes Michalos Licensed Insolvency Trustee to review all your options for debt relief.
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