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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Credit Rating

I understand that a first time bankruptcy stays on your credit for 7 years and a second time bankruptcy for 14 years. My question is, is it 14 years from the date of the first bankruptcy or the 2nd. If from the second that would be a total of 21 years??

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One Response to “Credit Rating”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

If you file bankruptcy in Canada The R-9 rating is listed from the date you are discharged from bankruptcy. Therefore, if you file a 1st bankruptcy on January 1st, 1990 and a subsequent bankruptcy on January 1st 1995 you expect the following:

1st bankruptcy ïƒ R-9 is listed until January 1st, 1997 and then any information relating to this bankruptcy is automatically purged.

2nd bankruptcy ïƒ R-9 is listed until January 1st, 2009 and then any information relating to the second bankruptcy is automatically purged.

While some have argued that in the above example this results in a total impact of 19 years, it is not the total time you need to look at, but the time associated with each specific bankruptcy that is important.

Although, these are worst case scenarios (i.e. what would happen if you did absolutely nothing to repai your credit), with a little effort you can rebuild things in a much faster fashion than most people assume.