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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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Cannot get a loan after filing bankruptcy, why?

WAS RELEASED FROM MY SECOND BANKRUPTCY IN DECEMBER OF 1996 AS I UNDERSTAND IT STAYS ON MY RECORD FOR 14 YEARS. YET I GOT A MORTGAGE FOR 64000 DOLLARS IN 2002 AND PAID IT OFF IN 5 YEARS AND STILL TO THIS DAY I CAN NOT GET A LOAN FOR A CAR OR A CREDIT CARD ETC ETC WHY IS THAT. EXCEPT FOR THE MORTGAGE I HAVE NEVER ATTEMPTED TO BORROW OR FINANCE ANYTHING AND CAN THE BANKRUPTCY BE REMOVED FOR MY FILE ANY EARLIER TKS

Posted from: Ontario

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One Response to “Cannot get a loan after filing bankruptcy, why?”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

The reason you can’t get a loan is that you have made no attempt to re-establish your credit. Sure you got a mortgage, but a mortgage doesn’t report to the credit bureau and therefore has no impact on your credit rating. What you need to do is follow the steps at the following link and make an active effort to repair things, if you don’t you will have to wait until the 14 years has elapsed: credit repair