There is no question that I get asked more in my practice then when can I get more credit. Clients Young and Old, male and female, all want to know how long will this bankruptcy or proposal effect my ability to obtain credit; and when can I get more credit?
The real question that people should be asking is – what is my credit like now. Most individuals who I assist with financial issues are already on the bottom rung of their credit. They have bad credit which is not getting better by making the minimum payment each month. Further, it may be getting worse by the ongoing delinquent accounts which they are servicing.
The real option…bankruptcy vs. consumer proposal vs. payments...is going to determine how quickly their credit rebounds. It is never truly impossible to get credit. I have seen undischarged bankrupts having filed multiple bankruptcies get better credit cards then me!
The point is when you file a bankruptcy it stays on your bureau report for 7 years (the first time), but that means that all the other debts are discharged. When you file a consumer proposal it stays on your bureau for 3 years from the date of the last payment. But that means no more phone calls, no letters in the mail or emails demanding payment. If you have student loans, this may or may not be an effective way to take care of that as well.
When you are sick you go to the dr. If you need help, don’t be afraid to ask for it. Especially during these times.
All this is to say that if you have debt problems, don’t wait. Talk to a lawyer who can assist!