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Important to note

Consumers who are facing a bankruptcy or debt agreement may be uncertain about the consequences of the bankruptcy or debt agreement.

It is important for consumers to understand that:

  • Information about a consumer’s bankruptcy or debt agreement will be included on their credit report
  • Proposed changes to the bankruptcy law to shorten the bankruptcy period will not impact the time period that information appears on a credit report.
  • When applying for credit, a credit provider may ask a consumer if they have ever been bankrupt or subject to a debt agreement.
  • A consumer who has been bankrupt or subject to a debt agreement should answer ‘yes’, even if the bankruptcy has been discharged or debt agreement has been terminated.
  • This can make it more difficult for consumers to recover; however potential lenders will still take into account the time since the bankruptcy/ debt agreement and the most recent credit behaviour for the individual.

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