June 14th, 2011 by Questions
Once you have been released from filing for bankruptcy, how long do you have to wait before you can apply for any credit again?
Posted from: Ontario
June 14, 2011 at 7:04 am, A licensed trustee said:
You have the right to apply for credit even while you are in bankruptcy. The catch is you have to tell the lender that you are an undischarged bankrupt (so they will likely turn you down).
Once you have been discharged (your bankruptcy has been completed) there are no restrictions on applying for credit.
Having told you that, from a p[ractical standpoint, you are unlikely to be approved for new unsecured debt (credit card, loan, line of credit) for a number of years after your bankruptcy. The length of time it takes to rebuild your creditr depends on your income and whether or not you have any secured debts that you have continued to pay.
If you have already filed for bankruptcy you should call your trustee for some suggetsions on how to rebuild your credit once your bankruptcy has been completed.
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