Rebuilding Credit after Bankruptcy

Table of Contents

Rebuilding your Credit History after Bankruptcy

After bankruptcy, at some point you may look at getting a personal loan and wondering “Can I get a Personal loan after being discharged from Bankruptcy?”

The majority of Type ‘A’ lenders (most major banks) may not offer credit to someone that has been cleared from bankruptcy in the past 7 years. 7 Years is the time that your bankruptcy will be associated with you on your credit report. So getting a line of credit from some major banks could be a bit more difficult.

What are Some Options?

Credit History Review. It is always a good idea to keep track of your credit rating and history, so if any discrepancies do show up, you have the option of providing up to a 100 word note explaining the situation from your side.

Secured Credit Card. What is a secured credit card? This type of credit card is secured via the money deposited with the bank you are dealing with. The credit that is granted is equal to the amount of money that you deposited. This can help with building your credit history and rating. While any type of credit card may not be a good option for all, there are still other viable options. Read more on using credit wisely for a more indebt look.

RSP/RRSP loan. You could also consider applying for a RSP/RRSP loan with your bank.

Savings. If you don’t have a savings account, now would be a good time to start one up. If you do have one, make it a point to start putting away money each month, and be consistent about saving. Having some type of savings that you can access it for any emergency bills that come up can be helpful as well. At some point there will be an unexpected bill, and having a bit of extra cash to use can help you with getting through this.

Rebuilding your credit takes time.

You need to be consistent about making your payments with any loans, bills and/or credit cards that you do have. These payments have to be paid on time each month (no missed payments). Keeping a steady and consistent track record will help you with regaining/rebuilding your credit history.

If you are in the Greater Toronto area and need assistance, call the offices of David Sklar & Associates at 416-498-9200 to book your free consultation. We will assess your finances and demonstrate how you can get out of your money crisis and get on with your life

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
Suzanna Vaclavik
12:21 16 Nov 22
Recently dealt with Christine at David Sklar & Assoc. and worked out a Consumer Proposal to put forth to my creditors for my Credit Card debt. She was very courteous, professional and put me at ease with a proposal that I can afford on a monthly basis, which will eliminate my debit in a reasonable timeframe. I would recommend Christine and this firm in a heartbeat. Very happy with the service and attention I got !!
Patrick Kovanchak
01:59 15 Nov 22
Excellent customer service. Special thanks to Olga for being prompt and helpful. She’s a star. Bibi is helpful as well. Great agency to work with.
Fady Tadros
19:28 14 Nov 22
After seeing your commercial play on CP24, I realized that it addressed all the questions and concerns I had about my financial situation. It all started with my one phone call to your office. I had the extreme pleasure of working with Cori Naron at your St. Clair West office in September 2022. She took the time to explain what my options were knowing that it was a very stressful situation with my debt load. She made me feel at ease with my decision to file a consumer proposal and outlined the benefits to me. She is thorough and her attention to detail is outstanding. While it takes a little while to reap the benefits of making this hard decision, she took the time to reassure me that it was in my best financial interest. Well done David Sklar & Associates for having such an amazing representative at your company and for allowing me to "get a fresh start"!
David
14:31 14 Nov 22
Very highly perfection individual, well executed and greatly knowledgeable in his work, which guided me me the right decisions making opportunities. Thank you.Sincerely, Peter Romasz
Peter Romasz
20:18 13 Nov 22
Trina Powell was very helpful and made the process very easy. Thanks again for all your help.
Jennifer Hager
17:59 06 Nov 22
Jerry is a caring, trustful, knowledgeable and competent Sklar associate. He understood my needs and quickly went to work on my behalf. Ever indebted to David Sklar and Associates and especially to Jerry for his professionalism and caring approach.
David Craig
19:31 31 Oct 22
Jerry Janiec is very knowledgeable and very helpful everything he explained to me was straightforward and very easy to understand. I'm very pleased to be working with Jerry to become debt free. I will definitely be recommending to any friends or colleagues your services.Thank you again for helping me get on the road to be debt free. 5 Stars is well deserved.
Christopher Rakobowchuk
17:41 27 Oct 22
Hi there! I am very glad to met this company, especially Jackie Stanley. Thanks for her great work and help me to save my money! Very appreciable!
Mehri Agil
02:43 26 Oct 22
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