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
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Alternatives to Bankruptcy Bankruptcy
If you sit down with your parents, they might have a lot of valuable pieces of advice to help you save money. These five tips can help you build a budget.
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Bankruptcy
There are several common scenarios which may cause you to wonder whether personal bankruptcy is an appropriate option to get out of debt.
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Debt Solutions
Here are the four stages of debt collection you can expect.
