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.

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 are discharged from bankruptcy you are once again free to liquidate your assets. However, before cashing in your RRSP’s or other investments there are tax implications and lost future income to consider. It is recommended that you consult with a financial planner to determine the costs and benefits of doing this.

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...