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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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New Credit application for bankrupt

Are there regulations preventing financial institution to approve a new credit for a person who filed bankruptcy?

Posted from: Ontario

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One Response to “New Credit application for bankrupt”

A licensed trustee said...

No there are not. Of course they are under no obligation to approve anyone for new credit, bankrupt or otherwise.

If you are still in a bankruptcy, you are required to disclose that fact if you are applying for more than $1,000 in credit. If your bankruptcy has ended then you are only required to disclose the fact that you were bankrupt if asked.