Life After Bankruptcy - Rebuild Credit for a Bright Financial Future

Other than debts excluded from your bankruptcy, after receiving your discharge, you are no longer legally obligated to repay the debts you owed when you filed for bankruptcy. If your debts were joint with someone, you declaring bankruptcy only means that you are no longer legally responsible for what is owed. The other person’s liability is not affected. This means that they still need to pay what is owing. There are some things you need to know about credit after bankruptcy and how to build a bright financial future.

Rebuild and Fix Credit After Bankruptcy - Improve Your Credit Score or Credit Report

Creditors will know you filed for bankruptcy for at least 6 years.

After you have been discharged from bankruptcy (step 9 in the bankruptcy process), you can start to rebuild credit again. Not all creditors will be willing to grant you credit, however, taking some slow, careful steps will start to reflect positively on your credit report or credit score. Over time, your credit rating will become positive and show that your finances are stable.

There is no quick way to “fix your credit” or erase the bankruptcy notation on your credit report. With a first bankruptcy, it will be there for at least 6 years from when you obtained your discharge, and longer for a second or third bankruptcy.

Note: This summary of the steps involved in the personal bankruptcy process is based on information from the Office of the Superintendent of Bankruptcy website.

Common Questions About Rebuilding Credit After Bankruptcy

Rebuild Credit After Bankruptcy - Manage Money and Stay Out of Debt

Learn how to fix, rebuild or repair your credit rating or credit score. We will show you how to get an awesome credit report.

If you need more information about how to rebuild credit after bankruptcy you can contact us by phone at 1-888-527-8999, by email, or chat with us online right now. One of our Credit Counsellors will answer your questions and provide you with guidance. If you have just gone through bankruptcy and need some emotional support and financial coaching, contact us for free credit counselling services. We will help you get back on track and show you how to manage money so you can avoid bankruptcy and financial trouble and keep it that way. You can have a bright financial future!

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