Posts Tagged ‘filing bankruptcy’
How do your repair bad credit in Canada?
In Canada a bad credit history can haunt you for years and limit your chances of getting a car loan, using a credit card or getting a mortgage. A bad credit score can literally put your financial life on hold.
Unfortunately there is no quick way of erasing or washing away your credit history in Canada. You can however take steps to isolate your credit problems and repair your credit. Bad credit can be compared to a wound and before a wound heals, it first has to stop bleeding.
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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.
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