How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

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

"*" indicates required fields

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

This field is hidden when viewing the form

Source

How can we help you?

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Name

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

How long will it take for me to repair my credit?

My credit history is really poor due to unpaid bills that have been referred to collection agencies. How long will it take for me to repair my credit to obtain a mortgage?

Share this post:

X (Twitter) Facebook LinkedIn Email

One Response to “How long will it take for me to repair my credit?”

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

The first step in repairing your credit is learning to better handle your finances. Proper budgeting and setting of priorities for spending can help you get to a position where you can catch up on your unpaid bills. If you are too far behind bankruptcy or a consumer proposal might be your solution. The credit bureau will report the consumer proposal for years after the completion of the proposal. In the case of a bankruptcy it will be reported for six years after your discharge from bankruptcy. Mortgages are secured loans and will be based to a large degree on your ability to manage the financial obligations of the mortgage.