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after bankruptcy

I recently applied for credit after being discharged from bankruptcy for 12 years. The first question was “have you ever been bankrupt?” How do I answer that? Does being discharged and having a clean credit mean I can answer “no” to that question?

Posted from: Saskatchewan

One Response to “after bankruptcy”

A licensed trustee said...

No – it does not. In fact, if you have been bankrupt and anyone EVER asks you if you have been bankrupt the answer will ALWAYS be yes. That’s part of the price you pay to have your debts cleared away. The fact that you have been bankrupt remains on your credit bureau for 6 years from the date of your discharge. Depending on your income and how you handle your finances after your discharge, you may be eligible for credit after 2 or 3 years.

This is something everyone should discuss with their trustee BEFORE they file. You should not be hearing about this for the first time here…