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Obtaining credit

I`m just curious, if I have filed for bankruptcy and have been discharged.

1) Do I have to disclose to creditors that I have filed for bankruptcy and have been discharged, when I apply for another CC ?

2) How about after 6-7 years, when my records with Equifax have been removed. Do I still need to disclose that I have filed for bankruptcy 6-7 years ago ? Even if it`s not on file with any credit bureau ?

Thank-you

Posted from: Ontario

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One Response to “Obtaining credit”

A licensed trustee said...

The answer to both of your questions is “yes”. If you have filed for bankruptcy in the past (even the distant past) and someone asks you if you have filed for bankruptcy then answer will be yes.

You are correct in that after you have been discharged for 6 years your bankruptcy may no longer appear on your credit bureau, but it doesn’t change the fact that did it. If you don’t disclose it when ask and something goes wrong in the future you may be accused of fraud or misrepresentation if you did not disclose it.

You will just have to beleive us when we tell you that after a few years (once you’ve re-established your credit) the fact that you filed bankruptcy in the past will no longer penalize you.