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.
MORE QUESTIONS
Do I qualify for bankruptcy? How long will I be bankrupt? How much will it cost? How will my credit rating be affected? If I declare bankruptcy, will I lose everything? Should I declare bankruptcy? Will I still be responsible for some debts after filing for bankruptcy? Does Filing for Bankruptcy in Canada Affect My Spouse? What is a bankruptcy discharge and the process involved? What is the OSB and what are their responsibilities? What happens if my creditors vote against accepting my consumer proposal? Can I leave some creditors out of my consumer proposal? How Do I Get a Mortgage After A Consumer Proposal? Can a student with a government student loan go through bankruptcy or get a consumer proposal? Will filing for bankruptcy cancel or reduce my child support payments?
