Signs of bad financial health can include, but are not limited to: Struggling to pay bills on time Constantly relying on credit cards to cover expenses Having high levels of debt compared to income Not having any savings or emergency funds Receiving collection calls or notices Constantly feeling stressed or anxious about money Check out our MNP Debt Scale to take the assessment and understand more about...

If your debt is becoming unmanageable, seeking help as soon as possible is essential. You can start by contacting a professional like us at MNP Debt for a free, confidential consultation. We can assess your situation and discuss potential debt relief options, such as debt consolidation, Consumer proposals, or Bankruptcy if necessary. To get started, you can use the MNP Debt Calculator to understand your financial situation better and explore potential...

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...

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.