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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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bankruptcy/consumer proposal

What is the difference with your credit rating when you do a consumer proposal as oppossed to a bankrupcty? Typically it takes 7 years for your name to be cleared after bankruptcy, but what about a consumer proposal. Can I still have credit cards or line of credit after a consumer proposal?

Posted from: Ontario

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One Response to “bankruptcy/consumer proposal”

A licensed trustee said...

Spend some time on Equifax and Trans Union’s websites to determine what their specific policies are regarding reporting bankruptcies and proposals.

Briefly, bankruptcies are reported in the legal footnotes section of your credit report for up to 6 years from the date of your discharge (the date your bankruptcy was completed). Proposals are reported in the same place for 3 years after your proposals has been completed.

Most people that file and complete a consumer proposal are eligible for new credit within 2 years of completing the process, even though the warning stays for 3 years. It is really a question of your income and credit worthiness after the proposal is done… the better your situation, the sooner you’ll be approved for new credit.