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How can we help you?

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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How long will Bankruptcy affect my credit?

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

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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.