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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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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.