tag:blogger.com,1999:blog-24265857.post116136811886590424..comments2009-07-12T04:31:40.626-04:00Questionshttp://www.blogger.com/profile/16382882060961640789noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-24265857.post-1161620214585365372006-10-23T12:16:00.000-04:002006-10-23T12:16:00.000-04:00Yes, according to <A HREF="http://www.equifax.com/EFX_Canada/consumer_information_centre/faqs_e.html#ques12" REL="nofollow">Equifax</A>, Canada's largest credit reporting agency:<BR/><BR/>"A bankruptcy automatically purges six (6) years from the date of discharge in the case of a single bankruptcy. If the consumer declares several bankruptcies, the system will keep each bankruptcy for fourteen (14) years from the date of each discharge. All accounts included in a bankruptcy remain on file indicating "included in bankruptcy" and will purge six (6) years from the date of last activity."<BR/><BR/>"When a registered consumer proposal is paid, it will automatically purge three (3) years from the date paid."<BR/><BR/>In other words, a first <A HREF="http://www.bankruptcy-ontario.org/bankruptcy-Ontario.htm" REL="nofollow">bankruptcy</A> remains on your credit report for six years from the date of discharge, and a <<A HREF="http://www.bankruptcy-ontario.org/proposals.htm" REL="nofollow">consumer proposal</A> remains on your credit report for three years from the date your proposal is completed.<BR/><BR/>This means that if you go bankrupt or file a proposal, there will be a note on your credit report. However, your ability to borrow is based not only what's on your credit report, but also on your income, job stability, and other factors.<BR/><BR/>I suggest you <A HREF="http://www.bankruptcy-ontario.org/askus.htm" REL="nofollow">contact a trustee</A> for a more detailed explanation about how your credit will be affected if you go bankrupt.J. Douglas Hoyes, CA, Trusteehttp://www.blogger.com/profile/09672537534234990983noreply@blogger.com