pr0nstar"At the end of every seven years you shall grant a remission of debts. And this is the manner of remission: every creditor shall release what the has loaned to his neighbor; he shall not exact it of his neighbor and his brother, because the Lord's remission has been proclaimed."
My parents claimed Bankruptcy many years ago. It's off their record now (been over 7 years). The most difficult thing for them was getting credit, anywhere. Actually, near the end of the 7 years they actually started to be accepted for department store cards etc.Originally posted by kennyboy
Or know someone who has.
How hard is it to get back on your feet after a bankruptcy?
This is what I was told today by a credit counseller.Originally posted by butter418
I’ll let you in on a little secret
Once you have R9 status in most cases it is better to declare bankruptcy (depending on the amount of your debt. Don't declare bankruptcy for an amount you could easily pay back).
If you have R9 status it will take 7 years to get your credit back AND you will still have to pay back the money. While you are paying back that money you will still be in R9 status till you get caught up with your payments so it may take longer than 7 years to get your credit back.
If you declare bankruptcy it will take you 7 years to get your credit back (actually for the bankruptcy to not show up on your credit report). You will not have to pay back the money and your slate is wiped clean exactly 7 years from the date that your bankruptcy starts. Also you are allowed to keep some assets (e.g. car, RRSP's and so on).
For most people if you are in R9 the better option is bankruptcy though no one will tell you that because you could just imagine what would happen if everyone knew this. There is a lot of misinformation in this thread so I urge you to check the web and also go see a trustee in bankruptcy and ask them what the better option is for your situation.
True...and make this a life lesson learned.Originally posted by kennyboy
At this point, my only concern is my health and state of mind. Money comes and goes but you only get one go round and the stress just isn't worth it anymore.
Bankruptcies: Details of a single bankruptcy remain on a file for six years from the date of discharge, or if not discharged, for seven years from the date the bankruptcy is assigned. Where a second bankruptcy occurs, both bankruptcies will remain on the file for a total of 14 years after the second bankruptcy is discharged.
Credit counselling, consumer proposals to creditors, orderly payment of debt (OPD), voluntary deposit: If you voluntarily enter into a special arrangement with the credit grantor to pay off a debt, this information will remain on your file for three years from the date of final settlement of the debt.
Secured loans, judgements, foreclosures, garnishments: These legal actions will remain on your file for six years from the date that the action was filed against you.
Collections: If a debt has been sent to a collection agency, the details will remain on your file for six years from the date of last activity.