FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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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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bankruptcy length

if my house was included in my bankruptcy how many years do i have to wait before lenders or credit card companies will accept my applications for credit

Posted from: Ontario

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One Response to “bankruptcy length”

A licensed trustee said...

You are permitted to apply for new credit even while you are in your bankruptcy (as long as you disclose the fact that you are bankrupt), but the reality is you are not likely to be approved.

After bankruptcy you will qualify for secured loans fairly quickly – car loans within a year (but at very high interest rates), mortgages after 2 years (again at higher than market rates). Credit cards and unsecured debts depend on how you conduct yourself after your bankruptcy – this is something to discuss with your trustee or your credit counsellor at your second counselling session.

If you manage the process properly you may start rebuilding your credit quite quickly after bankruptcy – if you leave it to chance it may take a very long time…