Once you file for Bankruptcy, your Licensed Insolvency Trustee has the duty to notify all of your creditors. Also, Canada Revenue Agency, credit reporting agencies and the federal government's Office of the Superintendent of Bankruptcy must be informed. A very limited number of Bankruptcies (typically corporate bankruptcies) require an advertisement in the Classified section of a local newspaper. A Bankruptcy is a matter of public record with the...

Your Licensed Insolvency Trustee is required to file your prior year’s income tax return if it remains unfiled at the date of Bankruptcy, as well a pre-bankruptcy income tax return for the period from January 1 to the date of your Bankruptcy. The Licensed Insolvency Trustee will retain any refunds arising from these income tax returns. If there is a balance owing on these income tax returns, the amount owed is included in your Bankruptcy. Your Licensed...

When you file for Bankruptcy you will need to turn over all of your credit cards to your Licensed Insolvency Trustee. At that time, they will be cancelled on your behalf as your credit will be reset once you declare Bankruptcy. You will be unable to obtain new credit cards until after your discharge. However, you may be able to obtain either a prepaid or a secured credit card for use during your Bankruptcy. Note that only a secured credit card will...

A secured credit card is ideal for people with low or no credit. In order to obtain one, you must make a deposit, which is essentially treated as collateral. For example, if you deposited $1,000 you should be able to charge up to $1,000 on your account. From there, a secured credit card essentially works like a regular credit card, with required minimum monthly payments. You will be able to make purchases online and in-stores, plus you’ll be able...

In order to file for Bankruptcy, certain conditions must be met: Debt must be at least $1,000.00; Debtor must be discharged from a previous Bankruptcy; Debtor must reside, carry on business or have property in Canada; Debtor must be unable to meet regular payments as they become due; Property owned by the debtor must be insufficient to enable payment of all debts.

Once you have been discharged from Bankruptcy, the process of rebuilding your credit begins. Establishing a new credit history and earning the trust of potential creditors will take some time. You will have to show you have the ability to meet your obligations and repay debt when it is due. If you make your payments on time, do not bounce cheques, get and use a secured credit card or borrow money from a bank and pay the loan off in a short period...

As mentioned above, if you are approved for a credit card after Bankruptcy, expect a low credit limit and make sure that balances are paid off every month. Obtaining a secured credit card is also an effective means to improve your credit rating and accelerating your ability to get an unsecured credit card after Bankruptcy.

If you need a personal loan after Bankruptcy, you will likely have to obtain a co-signor depending on the state of your credit. A co-signor is an individual that promises to pay your debt if you cannot pay it yourself.

Assuming you have a regular source of income, you should be able to obtain a loan to purchase a vehicle after the discharge from your Bankruptcy. However, the interest rate that is payable on that loan will likely be higher to reflect the higher credit risk as a result of your Bankruptcy.

Like many loans after Bankruptcy, it is likely you will need a co-signor to obtain a mortgage, although this will largely depend on your credit rating at the time of applying for a mortgage. To improve your chances of being approved for a mortgage, you should save as much money as possible for the down payment. If you can show steady, reliable employment income, this will also help.