Some student loan / debts are not forgiven by your discharge from bankruptcy. You should have received confirmation from your trustee that either the student loans would be discharged or that they would resume collection after you were discharged. You should contact the National Student Loan Service Centre to find out more about your student loans account and make arrangement for payments if necessary

A discharge releases you from the legal obligation to repay the debts you had as of the date you filed for bankruptcy, except for specific types of debts that are excluded by the law.

Do not rely on someone else to rebuild your credit. You must be the driving force. Clean up your credit report — make sure all errors are corrected. Obtain new credit — a secured credit card, small secured loan or RRSP loan. Make sure the new credit is reported to the credit bureau (not all credit products are reported). Start by asking your financial institution what products they have available to help you...

If you had any debts that did not qualify for discharge you will have to make arrangements to pay those creditors. (See FAQ 3 and discuss with your Trustee)

The two credit reporting agencies in Canada are Equifax Canada and TransUnion . You should review the Financial Consumer Agency of Canada’s publication Understanding your credit report and credit score . By visiting their website you can learn more about: Credit report and score basics How to understand your credit report How to improve your credit score How to correct errors and...

If you are discharged from bankruptcy you are once again free to liquidate your assets. However, before cashing in your RRSP’s or other investments there are tax implications and lost future income to consider. It is recommended that you consult with a financial planner to determine the costs and benefits of doing this.

In situations where debt is not too excessive and somewhat manageable, a credit counselling service may be able to review and assist you with your financial situation. These organizations contact creditors on your behalf, provide education on avoiding debt and personal budgeting strategies, as well as counselling. A credit counsellor will meet with you and determine how much you can pay each month towards your bills. The counsellor then works as...

With an informal debt settlement, you contact your creditors yourself to see if they can offer any options to aid your debt relief. If you work with a credit counselling organization, they will contact your creditors to negotiate your repayment terms and provide you with education and counselling.

Depending on how quickly you take action and begin paying off your debt, debt consolidation should have little or no effect on your credit rating. However, late payments, failure to make minimum payments or being sent to collection can negatively affect your credit rating. The longer you wait to repay your outstanding debt, the more your credit rating will be negatively affected.

In order to qualify for debt consolidation, you must have a satisfactory crediting rating and sufficient income to sustain the loan. The financial institution issuing you the loan will conduct an assessment to determine if you meet their criteria.