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Previous Bankruptcy

I went bankrupt 20 years ago after the stock market crash of October 19, 1987. I may have to again as a result of a business failure. Will I have to declare that fact. I thought after seven years my record was wiped clean. Thanks

One Response to “Previous Bankruptcy”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

You are correct that the bankruptcy will be removed from the credit bureau in approximately 7 years, but this doesn’t mean the a bankruptcy didn’t take place. You will need to report this to your trustee, it will show up on your bankruptcy documents and as a result of filing bankruptcy for a second time you will have an R9 registered with the credit bureau for approximately 14 years. As a result you may want to consider filing a consumer proposal to reduce the impact felt on your credit history.