2025-06-30
Who Can File For Bankruptcy
Bankruptcy
There are several common scenarios which may cause you to wonder whether personal bankruptcy is an appropriate option to get out of debt.
After the completion of your duties and obligations under the Bankruptcy & Insolvency Act (BIA), and depending on whether the discharge occur automatically or by way of a court hearing, the Licensed Insolvency Trustee (LIT) will send the following documents to you, your Creditors and the Official Receiver:
Note: Credit rating agencies will be notified of the date of your discharge by a government agency through the Official Receiver, not the LIT.
Typically, a first Bankruptcy stays on your Equifax and TransUnion credit report for six years after the discharge date, or seven years after the date filed without a discharge date. If you file a second Bankruptcy, then the first will re-appear on your credit report and both Bankruptcies will remain for 14 years after the discharge dates.
We recommend contacting both credit bureaus following your Bankruptcy (links above) to request a copy of your free credit report. Review the information thoroughly to ensure it is accurate and up to date.
To start rebuilding your credit after your discharge:
This booklet from the Financial Consumer Agency of Canada explains how secured credit cards work and why they’re useful in building your credit rating.
Now that you’re debt free, it’s time to make the most of your financial fresh start. Here are six ways you can set yourself up for long-term financial success.
If you receive a bonus at work or other windfall (e.g., commissions, overtime, gifts, etc.) consider saving these as well. This is usually easier if you have a specific goal in mind such as a down payment for a new car, building your emergency fund, or a much-deserved vacation.
Some common concerns to look out for include discharged debts which still appear on the report, incorrect balances, credit inquiries you didn’t make, accounts showing as delinquent, incorrect spelling of your name, etc. Use the online dispute form on the credit bureaus’ website or mail a dispute form directly.
2025-06-30
Bankruptcy
There are several common scenarios which may cause you to wonder whether personal bankruptcy is an appropriate option to get out of debt.
2025-04-25
Bankruptcy
Filing for Bankruptcy is a significant decision that can provide a fresh start for Canadians overwhelmed by debt. However, it’s essential to approach this process with caution and awareness to avoid common pitfalls and make informed decisions to protect your financial future.
2025-04-11
Bankruptcy
Considering Bankruptcy and wondering who could find out? Rest assured; your information will stay mostly confidential.