Many people assume they cannot obtain new credit for seven years after filing for bankruptcy in Canada. The truth is – if you want credit after bankruptcy you can rebuild your credit. The bankruptcy notation will appear on your credit report for at least six years after you are discharged, but that does not mean you can’t borrow for six years.
If you want to borrow again, you should take steps to rebuild your credit. Remember: lenders do not use your credit report by itself to qualify you for a loan. If you’ve taken the lessons of your bankruptcy to heart, are employed, and working to rebuild your finances, you will find some lenders are willing to work with you.
Start by making a personal budget and saving money. Cash is very valuable as a down payment or security deposit when you are trying to borrow.
You can also getting a secured or prepaid credit card to start the credit repair process.
Be smart with your money, save money, take steps to rebuild your credit, and you will be able to get credit again after bankruptcy.
