“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.
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: