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RE-ESTABLISHING CREDIT AFTER A BANKRUPTCY OR CONSUMER PROPOSAL

September 5, 2017

Credit is avaiable before, during and after filing a bankruptcy or proposal proceeding.

Let’s preface this discussion by suggesting that we should think very carefully about both the costs and consequences of obtaining credit whether we have a good or a bad credit rating.  TransUnion, the credit reporting agency, reported that 70% of people filing for bankruptcy had “strong credit scores”.   In other words, even though people were insolvent they managed to preserve their credit scores by making minimum payments using one form of credit to pay another.

How long does it take to get a new credit card after you have filed a bankruptcy or proposal?  The answer is never simple because it varies from individual to individual.  We have seen people still under a bankruptcy or consumer proposal proceeding who have obtained credit and we have seen others who have been successful in re-establishing credit within months following their discharge.

During the counselling process we provide you with good information that will help you, step by step, to re-establish credit.