According to Equifax, Canadas largest credit reporting agency:
"A bankruptcy automatically purges six (6) years from the date of discharge in the case of a single bankruptcy. If the consumer declares several bankruptcies, the system will keep each bankruptcy for fourteen (14) years from the date of each discharge. All accounts included in a bankruptcy remain on file indicating "included in bankruptcy" and will purge six (6) years from the date of last activity."
"When a registered consumer proposal is paid, it will automatically purge three (3) years from the date paid."
In other words, a first bankruptcy remains on your credit report for six years from the date of discharge, and a consumer proposal remains on your credit report for three years from the date your proposal is completed.
Please note that your ability to borrow is affected not only by what's on your credit report, but also by your income, job history, and ability to make payments.
My advice: if you have more debt than you can handle, give us a call at 310-PLAN (no area code required) or e-mail us and we will meet and determine if a bankruptcy or proposal is necessary to deal with your debts. If it is, we can then make a plan to re-build your credit once your bankruptcy or proposal is completed.
posted by J. Douglas Hoyes, CA, Trustee @ 12:51 PM
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