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
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.