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nadine

If I and my husband go bankrupt or file a proposal are we ruined for all credit other than secured credit for the next 7 years or could we start paying our bills on time again get discharged and still get a car loan or house loan ever in those years.

Posted from: Saskatchewan

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One Response to “nadine”

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

No, you credit hopes are not dashed all together. The time frames you are referring to (R9 for 6 years from discharge in a bankruptcy and R7 for 3 years from completion in a proposal) are maximum’s. This is what takes place if you make no effort to rebuild your credit.

Now immediately after completion you may be stuck with just a secured credit card or something similar, but if you make an effort to re-establish things you will find that it is a fairly straightforward process.