Will I ever get credit again? After you receive your bankruptcy discharge you will start your fresh financial start.
One of the main tenets of this fresh start is the ability to rebuild a good credit score.
You will get credit again after a bankruptcy or a proposal.
“The bankruptcy and proposal laws of Canada are intended to give you a fresh financial start. The ability to rebuild credit is part of that new start.”
After you have been discharged from bankruptcy or completed your proposal, you may be a good credit risk, since you have no debt.
Naturally, you will find it a little harder to get credit until you can re-establish a good credit rating.
Although bankruptcy will stay on your credit report for 6 years after your discharge and a proposal for 3 years after the proposal is satisfied, there are many things you can do to start building a good credit rating.
Two of the most important things you can do are to borrow money responsibly and make your payments on time.
Will I ever get credit again? We have detailed instructions on regaining a good credit rating after bankruptcy and finding lenders willing to lend to people who were previously bankrupt or filed a consumer: