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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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removing bankruptcy from credit record

Once you are discharged, how long does the record of your bankruptcy remain on your credit profile. Is there anything you need to do to have it removed at that time. How does it affect your credit rating in the last few years of this period. These questions are all assuming a successful discharge and a satisfatory rebuilding of credit, with no new bad debt in the intervening period.

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One Response to “removing bankruptcy from credit record”

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

As a result of a bankruptcy you will have an R9 listed with the credit buruea for 6 years from the date of discharge. Once you are discharged from bankruptcy it is important to send them a copy of your discharge certificate so they know when the clock should start ticking.

In terms of rebuilding credit, following these steps will help you to rebuild your credit in as quick a fashion as possible.
1. Talk to your banker and say you want to reestablish your credit rating.
2. Be a regular and persistent saver.
3. Borrow using your savings as security. Secured loans are debts you incur that are backed up by some sort of asset or guarantee and are the easiest type of loans to obtain (consider obtaining a secured credit card from an organization such as hometrust).
4. Borrow for an RRSP. For some reason, banks have made it easier to obtain loans for RRSP’s than most other forms of credit.
5. Replicate steps 3 & 4.
6. Borrow when you don’t need to. Obtain a small line of credit. Use it to pay bills and then immediately pay off the line. Repeat this process and over time, it will have a marked improvement in your credit report.

The key to all of this is that you must pay your bills on time. Don’t bounce any cheques, don’t miss any due dates, and don’t overdraw any of your accounts (even if you have overdraft protection). As well, always remember doing the above on a small scale reduces the risk and can increase the number of contracts you can enter into and hence the number of positive comments on your credit history.

As for an estimate of how long it will take to rebuild your credit when following the above advice, while there is no hard and fast rule I have seen many people able to rebuild their credit rating in as little as 2 years after receiving a discharge.