September 9th, 2013 by Questions
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
One Response to “bankruptcy length”
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September 09, 2013 at 6:29 am, 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…