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Impact on credit

can I apply for a morgage after the bankrupcy with in the seven years ?
What is the seven year thing?

Posted from: Alberta

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One Response to “Impact on credit”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

The filing of bankruptcy will have an impact on credit. What takes place is that you will have an R9 listed for 6 years from the date you are discharged (which is usually between 9 and 12 months, so you are looking at roughly 7 years from the date you file for bankruptcy). This is a maximum time frame and can be rebuilt by following the steps provided at this ling: credit repair.

In terms of being able to apply for a mortgage, there is nothing preventing you from doing so, but usually most banks want to see at least 2 years from the date of discharge and some attempts to rebuild your credit.