Beaudin Groupe Conseil - Demystifying debt, credit

Yes, you will be able to get credit again!

Declaring bankruptcy can have a significant impact on a person's ability to obtain credit. After declaring bankruptcy, most lenders will view the individual as a higher risk and be less willing to extend credit or offer favorable terms.

However, it is possible to obtain credit after bankruptcy, although it may take some time. The individual will need to rebuild their credit score by making payments on their remaining debts (like a car loan), avoiding payment delays, and limiting credit usage. They may also consider obtaining secured credit cards or loans that require collateral, such as a term deposit.

It's important to note that each situation is unique, and the available credit options will vary based on individual circumstances such as income and the value of assets that a person may have retained or acquired after bankruptcy.

In the context of a consumer proposal, the conditions for obtaining credit may vary slightly. Some creditors may be more lenient than others.

It is recommended to consult a licensed insolvency trustee from Beaudin Groupe Conseil, even after completing the bankruptcy process, to get tailored advice for your situation and goals.


Leave Your Comment