How long bankruptcy stays on your credit report in Ontario depends on a number of factors, including which credit bureau is reporting, and whether or not you were previously bankrupt. In most cases, the note that you went bankrupt in Ontario will remain on your credit report for a minimum of six years. (A second bankruptcy will normally remain on your credit report for up to 14 years). A consumer proposal remains on your credit report for three years after the proposal is completed.
There are two main credit bureaus in Ontario: Equifax and Trans Union.
The largest credit bureau is Equifax, and they maintain a record of a bankruptcy on your credit report for six years from the date of discharge. If you go bankrupt again, both bankruptcies will remain on your credit report for 14 years. A proposal is removed from your credit report three years after the last payment. More detailed information can be found on the Equifax FAQ page.
The other large credit bureau in Ontario is Trans Union. Their web site states that bankruptcies remain on your credit file for six to seven years from the date of discharge or fourteen years from the filing date, depending on provincial legislation, which in Ontario will typically mean six years. More information can be found on the Trans Union web site.
Bankruptcy does not mean you cannot borrow for six or seven years.
If you have a job, and if you have a down payment or security deposit, it is possible to repair your credit sooner. Many people are able to buy a car or a house in less than seven years after their bankruptcy ends, if they are able to save money and begin repairing their credit, perhaps starting with a secured credit card.
Saving money can change how long bankruptcy stays on your credit report in Ontario. For more information, read our article on credit repair.