Bankruptcy 101 Step 5 Fresh Start

2011-11-21

Upon discharge, an individual is released from his or her debts and will generally have no further obligations to the trustee. At this point, an individual has a fresh start and can move forward in a positive direction. A first-time bankruptcy will stay on an individual’s credit record for a period of six years following discharge. Despite the notation on the credit bureau, an individual can begin to rebuild credit immediately following bankruptcy.Click here for tips on rebuilding credit after bankruptcy. The foregoing is intended to provide a general overview of the bankruptcy process in Canada. For specific information on how bankruptcy will affect you - and to find out if there are other options - please contact a trustee at MNP Ltd. in your area.More from this series:Step 1 - Meet with a Trustee to Review Your OptionsStep 2 - Filing for BankruptcyStep 3 - Being in BankruptcyStep 4 - Discharged from Bankruptcy

Latest Blog Posts

2025-10-21

How we helped a client decide between a consumer proposal and bankruptcy

Leah Drewcock

A client thought bankruptcy was their only way out. See how a consumer proposal helped them keep their home and repay debt with confidence.

Read More

2025-10-20

Seniors and Debt

Pamela Meger

Alternatives to Bankruptcy Bankruptcy Consumer Proposal Lifestyle Debt MNP Consumer Debt Index

Just when seniors should be relaxing and enjoying the fruits of their labour, many find themselves struggling financially — an unsettling contrast to the ease they’d hoped to live their golden years.

Read More

2025-10-17

How buyer’s remorse laws can help you stay out of debt

Alana Orrell

This is called buyer’s remorse. In some cases, Canadian law provides protections that can help you reverse these costly decisions and avoid sinking further into debt. 

Read More

Consultation icon