Previous Bankruptcy

September 30th, 2006 by Questions

I went bankrupt 20 years ago after the stock market crash of October 19, 1987. I may have to again as a result of a business failure. Will I have to declare that fact. I thought after seven years my record was wiped clean. Thanks

Questions

One Response to “Previous Bankruptcy”



September 30, 2006 at 5:32 pm, Barton Goth, GCO Inc. Bankruptcy Trustees said:

You are correct that the bankruptcy will be removed from the credit bureau in approximately 7 years, but this doesn’t mean the a bankruptcy didn’t take place. You will need to report this to your trustee, it will show up on your bankruptcy documents and as a result of filing bankruptcy for a second time you will have an R9 registered with the credit bureau for approximately 14 years. As a result you may want to consider filing a consumer proposal to reduce the impact felt on your credit history.

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