How long can a bankruptcy stay on your credit report?

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Bankruptcy’s impact on your credit report in Canada differs by credit bureau and individual circumstances. With Equifax, a first bankruptcy stays for 6 years post-discharge, or 7 if not discharged, extending to 14 years for repeat cases. TransUnion mirrors this but varies by province—7 years in some, up to 10 in others. The discharge date is crucial. Reach out via phone, text, or live chat if you have any questions. Not all trustees can be trusted.

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How Long A Bankruptcy Can Stay On Your Credit Report Question

How long can a bankruptcy stay on your credit report? I’d like to know how long a bankruptcy stays on a credit report. It’s important for planning my financial recovery.

From: Anonymous Question
Location: Kelowna, British Columbia (BC)
Category: personal bankruptcy

How Long A Bankruptcy Can Stay On Your Credit Report Answer

In Canada, how long bankruptcy affects your credit report really depends on which credit bureau you’re dealing with and your individual situation. If you’re with Equifax, that first bankruptcy sticks around for six years after you’re discharged, or seven if it’s not discharged. Have a repeat encounter with bankruptcy? Expect it to linger for 14 years post-discharge. TransUnion’s timeline generally matches up with six to seven years after discharge, or 14 if it’s filed—and it varies a bit across provinces. For example, it’s seven years in Newfoundland, Ontario, and Quebec, but can stretch to ten in Prince Edward Island. The discharge date is the key player here, as it decides when the countdown to removal kicks off. If you want to know more about credit score impact after bankruptcy, consider exploring resources dedicated to understanding this aspect.

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

A bankruptcy can remain on your credit report for a period of 6 to 7 years from the date of discharge, depending on the type of bankruptcy. According to the Bankruptcy and Insolvency Act, Section 178, a first bankruptcy discharge is noted for 6 years, while a second bankruptcy can stay for 14 years. Additionally, these timelines are confirmed in the regulations under C.R.C., c. 369, which provide guidelines on the credit reporting periods.

From: OSB Helper

Related Questions to How Long Bankruptcy Stays On Credit Report

Here are the top 5 most frequently asked questions related to the duration of a bankruptcy on a credit report in Canada, along with brief answers:

1. How long does a bankruptcy stay on my credit report?

• A bankruptcy stays on your credit report for 6 to 7 years from the date of discharge, or up to 14 years for a second bankruptcy[1][3][5].

2. Does the duration of a bankruptcy on my credit report vary between Equifax and TransUnion?

• Yes, the duration can vary; Equifax typically keeps it for 6 years after discharge or 7 years from the filing date, while TransUnion keeps it for 6 to 7 years from the discharge date, depending on the province[1][3][5].

3. How long does a second bankruptcy stay on my credit report?

• A second bankruptcy remains on your credit report for 14 years from the date of discharge[3][5].

4. Are there any provincial differences in how long a bankruptcy stays on my credit report?

• Yes, residents of certain provinces like Newfoundland, Labrador, Ontario, and Quebec may see a bankruptcy stay on their TransUnion credit report for 7 years, while in Prince Edward Island it can remain for up to 10 years[1].

5. When does the countdown for removing a bankruptcy from my credit report start?

• The countdown starts from the date of filing or the date of discharge, depending on the credit bureau and whether a discharge date is applicable[1][3][5].

If you have a question about debt see our debt questions or ask your own debt related question.

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