Types of Bad Credit

Canadian credit regulations ensure that every type of loan is subject to repayment. This means that every type of loan can, if conditions are not met, can go into default status and be classified as bad credit.

Buying Your First Car

No matter who you are, buying or leasing a new car is a big deal. For most Canadians buying a new car is considered a major purchase and, for many, an exciting one. There is however another group of consumer in Canada with a much stronger connection to the car buying experience – the first time buyer.

Canada’s New Bankruptcy Laws

On September 18th 2009, several new bankruptcy laws took affect in Canada. In the interest of keeping Canadian’s up to date on important consumer credit and bankruptcy news, here is a brief break down of the changes to bankruptcy law in Canada:

Bankruptcy Definition

In Canada bankruptcy is a form of financial protection that both businesses and individuals can use to absolve debt and protect themselves from creditors. Filing bankruptcy in Canada is usually a last resort used to wipe out debt and start over fresh.

Once bankruptcy is complete, all of the debt included in the bankruptcy is considered absolved or wiped. The bad credit history leading up to the bankruptcy and the bankruptcy itself are not wiped and will remain on the individuals credit bureau for 7 years.