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 your bankruptcy documents.
If you have filed for bankruptcy or a proposal in the past and were discharged, you will still need to disclose this information if you are a new applicant to RECO. Again, a bankruptcy or proposal filing will not prevent you from registering, but conditions may be placed on approval.
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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