After Bankruptcy

After Bankruptcy & Rebuilding Credit

Regain financial control with expert guidance on discharges, credit ratings, and proven strategies to rebuild your credit. Restore stability, achieve peace of mind, and create a brighter financial future today.

Repairing Your Credit Rating after Bankruptcy

Once you have been discharged from bankruptcy you can continue working to repair your credit history.

Lenders will usually consider granting you credit once you have been discharged from bankruptcy, but you should do so carefully. Our staff will assist in giving you the tools that will help you to have a healthy relationship with credit going forward.

Out team of bankruptcy insolvency trustees can explain what you need to do to help you improve your credit rating once you are discharged from your bankruptcy.

After Your Discharge from Bankruptcy

Discharged from bankruptcy means that you have completed the bankruptcy process.

At this point you will have received a legal document that declares your debts have been permanently and legally erased under Canadian Law.

With your discharge document you are no longer liable for the debts that you previously owed and you can start looking at rebuilding your credit.

Credit and Credit Cards after Bankruptcy

Credit lenders may consider giving you credit after a bankruptcy but granting the credit will depend upon a number of things, including:

Your employment history
How long you’ve been with your present employer
Your annual income
The type of credit you are applying for
Your other debts, if any

It’s important to note that there are many factors considered by lenders, for example its is sometimes easier to get a car loan than an unsecured loan. That’s because the lender has collateral for that loan.

I got into financial issues using credit, after my wages were garnisheed a friend told my about YanchDey. They were honest and together we decided bankruptcy was the option for me. The bankruptcy has been discharged, and I am rebuilding my credit. Thanks Again! J.Kerr Toronto.

Rebuilding Credit After Bankruptcy

At Yanch Dey & Associates Ltd. we are here to help you begin, get through, and move forward from your bankruptcy. Read these tips to repair your credit rating.

Pay your bills in full and on time
Maintain a good relationship with your bank
Don’t go into overdraft

Make a budget for yourself

Distribute a portion of your earnings, regardless of the amount, into savings or an RRSP to increase your tax credit. Even a small weekly amount adds up over time
If you can manage it, learn to live on 90% of what you make and save the other 10%

If you are considering filing for bankruptcy the first step is to call and arrange an appointment with our Licensed Insolvency Trustees.

Before you decide on anything we will discuss all of your options including bankruptcy and alternatives to filing for a bankruptcy like consumer proposals and debt counselling.

There is no charge to discuss your options.

Speak to an Insolvency Trustee

Bankruptcy Trustee Kelly Dey — Kelly Dey Insolvency Trustee

Questions about insolvency and bankruptcy? I invite you to call our office to speak to myself or one of our insolvency trustees.

We’re happy to speak over the phone or in-person at one of our offices.

Where you have questions or need some advice, please feel free to give us a call without cost or obligation.

Call us today at 905-721-7506.

R. Mitchell

6 days ago

★★★★★ Kelly and her staff made the bankruptcy process very easy. It was a relief to my wife and I to have professionals such as these, very supportive. Thanks again

D. Ganguli

2 weeks ago

★★★★★ Some bad financial decisions including being laid off resulted in huge credit cards bills that we were never going to be able to pay off. When we finally got fed up with the collection calls, my husband and I decided to get some help. We decided on bankruptcy giving up many things we didn’t really need, and the counseling was great for us at our age. It wasn’t easy, but we are much happier and debt free. Thanks Again, would recommend.

Jo-anne Lee

1 month ago

★★★★★ I had a student loans of $14,000, and a balance on my credit card, then I received a letter of garnishment. A credit counselor recommended I look into filing for bankruptcy. The bankruptcy trustee was easy to speak with and listened to me. Together we discussed the pros and cons and options available. The bankruptcy will pass, but I’m much happier without the burden of debt in my life. I should have gotten the financial counseling years ago.

Christia McIntyre

4 weeks ago

★★★★★ Professional and friendly, on their advice I did a consumer proposal vs bankruptcy and will be completely out of debt in 2.5 years!! Many thanks

S. Lee

1 month ago

★★★★★ They were completely upfront about what my options were, and gave me a clear cut plan about how I could stop the calls, bill collectors and bills that just kept getting bigger and bigger. Filing for bankruptcy was not an easy decision but the trustee was there for me all the way. Thanks Again!

What happens when you declare bankruptcy in Ontario?

A: When you declare bankruptcy in Ontario, you will be required to surrender any non-exempt assets to a Licensed Insolvency Trustee (LIT) who will sell them to pay off your debts.

Your creditors will be notified and instructed to stop all collection actions against you. You will also be required to attend credit counselling sessions and make regular payments to the LIT.

Once the bankruptcy process is complete, you will be eligible for a discharge from your debts, which means you will no longer be responsible for paying them off.

Who qualifies for bankruptcy in Ontario?

A: To qualify for bankruptcy in Ontario, you must owe at least $1,000 in unsecured debts and be unable to pay them back.

You must reside in Canada or the majority of your assets are held in Canada. Additionally, you cannot have filed for bankruptcy within the past seven years.

How long is bankruptcy process in Ontario?

A: The length of a first-time bankruptcy in Ontario is typically nine months. However, if your income is above a certain threshold, you may be required to make additional payments for a longer period of time.

It is important to note that bankruptcy should be considered as a last resort option. There are alternative debt relief options available, such as consumer proposals, debt consolidation, and credit counselling. It is recommended to seek the advice of a Licensed Insolvency Trustee to determine the best option for your individual financial situation.

How much does it cost to go bankrupt in Ontario?

A: The cost of filing for bankruptcy in Ontario can vary depending on your individual circumstances. However, the fee for filing bankruptcy is typically $1,800.

What do you lose if you declare bankruptcy in Canada?

A: When you declare bankruptcy in Canada, you may be required to surrender any non-exempt assets to a Licensed Insolvency Trustee (LIT), who will sell them to pay off your debts.

This may include your home, car, and other valuable assets. You may also lose your credit cards and be unable to obtain credit for several years. Most personal items you keep, cars under 10,000 dollars, tools of the trade. Give us a call and we can tell you in more detail.

What debts survive bankruptcy?

A: Some debts are not discharged by bankruptcy, including student loans that are less than seven years old, fines, court-ordered restitution, and child support payments.

Can I keep my car if I declare bankruptcy?

A: Whether or not you can keep your car when you declare bankruptcy depends on the value of the car and the amount of equity you have in it.

If the equity in your car is less than the exemption limit, you may be able to keep it.

How much do you pay monthly for bankruptcies?

A: The amount you pay monthly for bankruptcy depends on your income and expenses.

You will be required to make regular payments to a Licensed Insolvency Trustee (LIT) during the bankruptcy process, which will be used to pay your creditors.

Can you buy a house after bankruptcy Ontario?

A: Yes, it is possible to buy a house after bankruptcy in Ontario.

However, it may be more difficult to obtain a mortgage and you may be required to pay a higher interest rate. Many people work on rebuilding their assets and credit rating for a while before considering a home purchase.

What happens 12 months after bankruptcy?

A: After 12 months, you may be eligible for a discharge from your debts, which means you will no longer be responsible for paying them off. You’ll be able to start fresh to rebuild your credit and financial health.

However, certain debts may survive bankruptcy, such as fines or debts resulting from fraud.

What happens 5 years after bankruptcy?

A: After five years, your bankruptcy will be removed from your credit report and you may be eligible for better credit options.

However, bankruptcy can remain on your record for up to seven years, which may affect your ability to obtain credit or employment.

After Bankruptcy