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Should I disclose my filing on the loan application?

i filed for bankrupcy in April 2007. I would like to apply for a loan. On the application is ask “have you claimed bankrupcy in the last 7 years?” technically I am now in the begining of year 8 do I have to disclose?

Posted from: Ontario

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One Response to “Should I disclose my filing on the loan application?”

Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said...

When applying or a loan it is important to answer honestly questions on the application. If the date that you filed the Assignment in bankruptcy was prior to 7 years from the date of the application then the technical answer to the question is “no.” However, if you are still an undischarged bankrupt you are required by law to advise the creditor of your legal status when borrowing money. Further, credit reporting agencies such as Equifax, will report the fact of bankruptcy for 6 years after you receive a discharge from bankruptcy. As such the fact of bankruptcy will still be reported if the lender does a credit check. The fact that you answered the question technically correct may not help your credibility if they read the credit report. You might be advised to provide the accurate information up front.