When a person declares bankruptcy or files a proposal, the Office of the Superintendent of Bankruptcy (OSB) notifies the credit bureau. We are advised by the credit bureau that for first-time bankrupts, the information stays on your credit bureau report for six years after discharge; for a second-time bankrupt, it stays on your report for 14 years after discharge. A proposal is recorded for three years after the completion of your proposal. See also, How long will it take for me to get a bankruptcy discharge?
After discharge, you can start to re-establish your credit by doing the following:
Talk to your banker and say you want to re-establish your credit rating
Open a savings account
Be a regular and persistent saver
Take your next pay raise and save it
Save 5% of your pay
Have your savings come immediately of your pay and into a separate savings account
Take out a small loan using the savings account as collateral, and then pay it back
Apply for a credit card with a low limit and secure the limit by using your savings account as collateral
Our Licensed Insolvency Trustees (formerly called Trustee in Bankruptcy or Bankruptcy Trustee) and Estate Managers believe everyone deserves a financial fresh start, while being treated with dignity and respect. We have offices conveniently located in Calgary, Edmonton, throughout Alberta, and across Canada.
To speak to someone now call us at 310-8888 for a free, no obligation, confidential consultation.
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