A personal bankruptcy will remain on your credit rating for six years from your discharge from bankruptcy.

A consumer proposal will remain on your credit rating for three years from completion of your proposal.

Once you are discharged from bankruptcy or completed your consumer proposal, you should take pro-active steps to rebuild your credit. The following will assist in rebuilding:

  • talk to your current bank manager
  • open a savings account and deposit a set amount from each pay cheque
  • apply for a small loan using your savings account as security and make the monthly payments on time
  • apply for a secured credit card and make purchases on the credit card and pay it off every month

We refer to the following credit bureau websites for further information on your credit rating:

Information on secured credit cards can be obtained by accessing the following websites:

By Kathy Lenart – Insolvency Partner, Licensed Insolvency Trustee
CPA, CA, CIRP
Member and Secretary of the Ontario Association of Insolvency and Restructuring Professionals (OAIRP)
Canadian Association of Insolvency and Restructuring Professionals (CAIRP)