Rebuilding Your Credit After Bankruptcy

Here’s what you need to know about rebuilding your credit after bankruptcy.

First things first. Your most pressing question may be….

How long does bankruptcy last?

The good news is, you might be eligible for discharge from bankruptcy in as little as nine months.

Of course, during those nine months, you’ll have some responsibilities. You’ll have to attend two credit counselling sessions to help you better manage your finances. And you’ll be expected to keep track of your income and expenses.

When you receive a discharge, most of your debt is cancelled, and you can make a fresh start.

Another key question you might be asking is….

How long does bankruptcy stay on my credit report?

Bankruptcy is on your credit report for six years. And you can use that time to start rebuilding your credit. But you can’t rebuild credit if you don’t have credit. Which leads us to the next question:

Can I get credit cards after bankruptcy?

The answer is yes! In fact, you’re actually considered a better risk once you get rid of your debt through bankruptcy. Plus, there are options available to you. For example, a secured card, used responsibly, can be a good way to help you start rebuilding your credit.

How do I improve my credit score?

Once you have a secured card, the secret is to only use it to charge a reasonable amount based on your budget. For example, if your monthly budget includes an oil change, use credit. Then, pay the balance off in full before the due date.

Repeat this cycle with other items over a couple of years, and you’ll be well on your way to rebuilding good credit.

 Start now: How soon will my credit score improve after bankruptcy?

The sooner you start, the sooner you can start rebuilding your credit. And the place to start is with LCTaylor, Licensed Insolvency Trustees. You can call them at 204-925-6400  or 800-463-8371 to set up a free consultation. Because your debt rescue starts here.

Jillian Taylor-Mancusi, LIT

Jillian has worked in the insolvency field since 1992. She is a graduate of the University of Manitoba. She received her Insolvency Counselor’s Qualification Certificate from Ryerson Polytechnic University in 1998, and in 2007 she attained her license as a Licensed Insolvency Trustee. Jillian is a Read More Jillian has worked in the insolvency field since 1992. She is a graduate of the University of Manitoba. She received her Insolvency Counselor’s Qualification Certificate from Ryerson Polytechnic University in 1998, and in 2007 she attained her license as a Licensed Insolvency Trustee. Jillian is a member of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP). She is Past President of the Manitoba Association of Insolvency and Restructuring Professionals (MAIRP).Jillian has held positions on the Armstrong Point Association, Executive of her local EDA Riding Association, Manitoba Highland Dance Association, and the Continuing Education Committee of CAIRP. Previously, Jillian was the Treasurer for the Parent Association at her daughter’s school. Currently, Jillian serves as the Chair for Dressage Winnipeg. Close