Impact on credit

Posted on Monday, October 30, 2006

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I went bankrupt in Alberta 20 years ago after the stock market crash of October 19, 1987. I may have to again as a result of a business failure. Will I have to declare that fact. I thought after seven years my record was wiped clean. Thanks

Filed under: Bankruptcy
 posted by Questions @ 3:47 pm
1 Expert Comment:

 At November 1, 2006 | 1:44 pm , Barton Goth, GCO Inc. Bankruptcy Trustees Said...

You are correct, the filing of a bankruptcy in Canada will be removed from the credit bureau 6 years from the date your of your discharge from bankruptcy for all first-time bankrupts, but this doesn’t mean the a bankruptcy didn’t take place. Also be advised, when you file a bankruptcy a second time, the impact on your credit is now listed for 14 years from the date you are discharged.

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