Obtain credit after a bankruptcy or a proposal.
By following these steps, you should be able to restore your credit much sooner.
The information provided in this section of our Web site is not meant to encourage people to make loans, but to provide information on how to more easily restore your credit.
The steps to follow:
- Step 1 – Obtain your Certificate of Release or your Certificate of Full Performance.
- Step 2 – Clean your credit file: verify your credit file and contact the credit bureau to correct any mistakes.
- Step 3 – Obtain new credit: you can now establish new credit that shows how much you can borrow and your ability to reimburse.
- Step 4 – Start saving for a downpayment on a mortgage. The minimum downpayment for a secured loan from the CMHC is 5%.
- Step 5 – Take the steps to get a mortgage.
In the case of mutiple bankruptcies they will remain in the system for a period of 14 years from the date of each one.
All files related to a bankruptcy are kept on file under the indicator “included in bankruptcy” and are erased 6 years after the last entry.