There are many factors to consider when choosing the right credit card. The Financial Consumer Agency of Canada has a credit card selector tool and can help you understand the fees, costs, rewards and benefits of each credit card.

The Certificate of Full Performance has the same effect as a discharge from bankruptcy. You are now released from legal obligation to repay the debts you had as of the date you filed your Proposal, except for specific types of debts that are excluded by the law.

Buying a home is a major financial decision and should not be taken lightly. First you need to ensure your credit report is accurate and that you have savings for a down payment. Canada Mortgage and Housing Corporation has many resources available to help you with your home buying decision including a test to see if you are financially ready to buy a home. You may want to consider rent-to-own options in your community. There...

Much like buying a home it is recommended that you have a down payment for your vehicle purchase. Make sure your credit report is accurate before you apply for credit through a financial institution or car dealership. Create a budget! What payment is affordable to you? Don’t borrow more than you can afford to repay. Vehicles depreciate quickly and often need repairs before you have finished paying the loan. Ensure you budget...

If you fail to pay your mortgage, your mortgage company can commence foreclosure proceedings, before, during or after Bankruptcy or a Proposal. If you are finished your Bankruptcy or Proposal and are concerned you are going to miss your mortgage payments you should contact your mortgage company immediately and try to negotiate with them.

Secured creditors (like vehicle finance companies) retain their rights under their contract, even after Bankruptcy or Proposal completion. If you fail to meet the contractual obligations, the creditor can repossess the collateral (i.e. car, ATV, Boat). In some provinces, the secured creditors can still collect from you for the deficiency, even after repossession. Ask your Trustee if this applies to you.

You will need to improve your credit score before you can obtain a mortgage and you will need a down payment. Start by saving and obtaining small credit balances and paying them off before the due dates to improve your credit score.

If the Trustee has not been discharged yet, then you will have to paper-file your tax return. Once the Trustee is discharged you can e-file your returns again. You should contact the CRA and ensure they have your correct address and banking.

You may owe tax for the post-bankruptcy period, the part of the year after your date of bankruptcy up to December 31. If you owe tax for this period you are responsible for paying it.

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