September 2nd, 2008 by Questions

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


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.

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