Upon discharge, an individual is released from his or her debts and will generally have no further obligations to the trustee. At this point, an individual has a fresh start and can move forward in a positive direction.
A first-time bankruptcy will stay on an individual’s credit record for a period of six years following discharge. Despite the notation on the credit bureau, an individual can begin to rebuild credit immediately following bankruptcy. Click here for tips on rebuilding credit after bankruptcy.
The foregoing is intended to provide a general overview of the bankruptcy process in Canada. For specific information on how bankruptcy will affect you - and to find out if there are other options - please contact a trustee at MNP Ltd. in your area.
More from this series: