Is there life after bankruptcy?

Yes you will be able to, although initially it will be more difficult to enter into these types of contracts. After bankruptcy there is a negative impact on your credit, but this is for a limited period of time. The credit bureau automatically purges bankruptcy information 6 years from the date a person is discharged from bankruptcy. This 6 years is the worst case scenario, as it is possible to rebuild your credit at an accelerated rate.

If you follow these steps you will find rebuilding your credit becomes much easier than most people assume.
1. Talk to your banker and say you want to reestablish your credit rating.
2. Be a regular and persistent saver.
3. Borrow using your savings as security. Secured loans are debts you incur that are backed up by some sort of asset or guarantee and are the easiest type of loans to obtain (consider obtaining a secured credit card from an organization such as hometrust).
4. Borrow for an RRSP. For some reason, banks have made it easier to obtain loans for RRSP’s than most other forms of credit.
5. Borrow when you don’t need to. Obtain a small line of credit. Use it to pay bills and then immediately pay off the line. Repeat this process and over time, it will have a marked improvement in your credit report.

The key to regaining your credit is proving to the lender that you are responsible with money. Therefore it is important that you no longer miss any payments and develop a regular habit of saving money.