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:
- Rebuilding credit
- After Bankruptcy Lenders
If you have any questions about this or other aspects of bankruptcy or consumer proposals you can set up a FREE consultation with our trustees, who are in every province and territory in Canada.