Does Bankruptcy Affect your Credit?

Yes, according to Equifax, Canada's largest credit reporting agency:

"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."

"When a registered consumer proposal is paid, it will automatically purge three (3) years from the date paid."

In other words, a first bankruptcy remains on your credit report for six years from the date of discharge, and a <consumer proposal remains on your credit report for three years from the date your proposal is completed.

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.

I suggest you contact a trustee for a more detailed explanation about how your credit will be affected if you go bankrupt.