How long will Bankruptcy affect my credit?

December 9th, 2010 by Questions

If I go through with bankruptcy, how long will it affect my credit? I would like to rebuild, and one day be able to have the credit i may need for my son. How long afterwords does it take to get into the good books again?

Posted from: Ontario


One Response to “How long will Bankruptcy affect my credit?”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

As a result of filing a bankruptcy
you will have an R9 listed with the credit bureau for a maximum of 6 years from the date your bankruptcy is finished (discharge).

Now it is possible to rebuild credit quicker than the 6 year maximum. The process to repairing your credit is fairly straightforward and by following these steps you will find the total time until your credit is rebuilt drastically reduced.

#1 Start saving money.
#2 Get a secured Visa card
#3 Get a small RRSP loan.
#4 Keep saving.
#5 Repeat.

By doing this you will find your credit rebuilt quicker than most people realize.

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