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
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
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.