If I file a proposal or declare bankruptcy, what happens to my credit rating?


When a bankruptcy or proposal is filed the Credit bureaus are notified.  A consumer proposal will be on your credit record for 3 years from completion of the Proposal.  After being discharged from bankruptcy, the information about a first bankruptcy is typically removed from your credit report after six or seven years. Keep in mind that each province is different and will have different variations of the rules. Bear in mind that your name becomes part of public bankruptcy and insolvency records when you file a proposal or declare bankruptcy. These records are available to anyone that makes a request for them.



If you are overwhelmed with a financial crisis, J.P. Graci & Associates Ltd can help! Call us now at 519-753-7361.



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The staff were lovely and incredibly helpful. They were empathetic with my stress from the bankruptcy. They also gave great advice on my credit recovery. Thanks especially to Paul for his service and...

Frank S. July 25, 2017

My decision to declare personal bankruptcy was a very stressful one. I wanted the end result to teach me about money and how to become a better money management. The team at JP Graci was encouraging ...

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Thank you so much for everything you and your staff have done to help me through this difficult time in my life. Thank you to Patricia for her smile and pleasant greeting when I came in the front and ...

Lisa, Brantford May 28, 2017

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