How long does bankruptcy stay on a credit report in Canada?

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In Canada, bankruptcy duration on a credit report can differ. With Equifax, a first bankruptcy stays for 6 years post-discharge. At TransUnion, it’s generally 6 years, but can be 7-10 years in certain provinces. A second bankruptcy remains for 14 years, impacting your financial future significantly.

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Question

How long does bankruptcy stay on a credit report in Canada? How long will the bankruptcy record stay on my credit report, and how does it affect my financial future?

From: Anonymous Question, Halifax, Nova Scotia (NS)
Topic: Credit Rebuilding

Debt Insiders Answer

In Canada, the length of time a bankruptcy appears on your credit report can vary. If you’re dealing with Equifax, a first bankruptcy sticks around for 6 years from the day it’s wrapped up. Over at TransUnion, it’s usually the same 6 years unless you’re hanging out in provinces like New Brunswick, Newfoundland and Labrador, Ontario, PEI, and Quebec, where you’re looking at 7 years. If you’re on Prince Edward Island, you might even see it linger for up to 10 years. A second round of bankruptcy will hang out on both credit reports for a hefty 14 years after discharge. The clock starts ticking from when the bankruptcy first shows up or from the discharge date—it’s like starting the countdown.

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

In Canada, a bankruptcy will remain on your credit report for a period of 6 to 7 years, depending on the type of bankruptcy. Specifically, under the Bankruptcy and Insolvency Act, your credit report will show a first bankruptcy for 6 years after the discharge date, while a second bankruptcy will remain for 14 years (section 168).

This bankruptcy record can significantly impact your financial future, affecting your ability to obtain credit, loans, and possibly even employment opportunities. Creditors and lenders may view your bankruptcy as a high risk, potentially leading to higher interest rates or denied applications for credit.

From: OSB Helper

Related Questions

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

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

• A first bankruptcy stays on your credit report for 6 to 7 years after the date of discharge or the date filed, depending on the credit bureau and provincial legislation[1][3][5].

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

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

3. Does the duration of bankruptcy on my credit report vary by province?

• Yes, the duration can vary by province; for example, in Prince Edward Island, it can remain up to 10 years from the date filed[1][3].

4. How long does bankruptcy stay on my Equifax credit report?

• Bankruptcy stays on your Equifax credit report for 6 years after the discharge date or 7 years after the date filed without a discharge date[1][3][5].

5. How long does bankruptcy stay on my TransUnion credit report?

• Bankruptcy stays on your TransUnion credit report for 6 to 7 years from the date of discharge or the date filed, depending on provincial legislation[1][3][5].

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

References

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