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.

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...

An informal debt settlement should be realistic. If your settlement is out of your financial reach you should consider other options to deal with your debt.

A Licensed Insolvency Trustee (LIT) is a federally regulated professional who helps individuals and businesses manage their debts. They are authorized to administer bankruptcy and consumer proposal processes in Canada. 

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...

There may be a fee involved to open a file for your consolidation loan, in addition to regular loan payments.

As this is not a formal legal process, you choose the debts which you would like to pay down with the new consolidation loan.

When you file a consumer proposal, your credit rating is assigned an R7 rating. This indicates a formal arrangement to settle debts but is less severe than bankruptcy's R9 rating. 

A consumer proposal is a formal agreement between a debtor and their creditors to repay a portion of their debts over a set period. It is administered by a Licensed Insolvency Trustee (LIT) and provides an alternative to bankruptcy. 

Rebuilding your credit is essential after financial difficulties such as bankruptcy or insolvency. It helps you regain access to financial products and demonstrates financial responsibility to lenders.