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.

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.

Alimony or child support payments. Student loans (if you stopped being a student less than seven years ago). Debts arising from fraud. There are other debts as well, but it is best to speak with a Licensed Insolvency Trustee to discuss your exact situation.

The Licensed Insolvency Trustee will advise the Office of the Superintendent of Bankruptcy and all the proven creditors of a debtor, of the debtor completing the terms of their bankruptcy or consumer proposal, but it is the obligation of the debtor to advise the credit bureaus.

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...

Further to FAQ 4 and 6 above it is the duty of the debtor.

Speak to your Licensed Insolvency Trustee to determine a course of action.

No, whether you can obtain credit after your discharge from bankruptcy will depend on your ability to convince lenders of your financial maturity and ability to repay the debt. There are no guarantees, no one is required to give you credit.

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...