7 years
April 28th, 2011 by Questions
here is a question i can’t even get accountants to answer…why is a bankruptcy on your records for 7 years after the bankruptcy is stayed? .. i am guessing this is the time at which the rate of second bankruptcies falls to almost zero..am i right or is this some unfair arbitrary number?
Posted from: Ontario
One Response to “7 years”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
April 28, 2011 at 6:30 am, A licensed trustee said:
Actually, a bankruptcy may appear on your credit report for up to 6 years from the date of your discharge. The 7 year number came about by people combining the old bankruptcy period (9 months) with the 6 year warning period.
The place to look for these kinds of answers would be the credit reporting agencies themselves – Equifax and Trans Union being the two largest in Canada.
Is the number arbitrary? I suppose it is – the 6 year warning period for a bankruptcy has been in place for as long as I can remember. It is unlikely to change…