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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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borrowing

how long after bankruptcy can i borrow on my mortgage to say do home renovations?

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One Response to “borrowing”

A licensed trustee said...

There are no rules or restrictions placed upon you once your bankruptcy has been completed – from a legal standpoint you may borrow immediately.

From a practical standpoint it generally takes a few years to re-establish your credit worthiness. The higher your income the shorter the period of time it will take to re-establish yourself.

You mention mortgaging your house specifically – you may be able to that within the first year after you bankruptcy, but at a cost. The earlier you refinance the higher your interest rate will be. If you can wait a couple of years you will be charged a significantly lower rate of interest.