With over 60 years of experience in well-executed bankruptcy proceedings, the Druker and Associates’ team of professionals are trustworthy and will ensure a clean slate after bankruptcy. Choosing your trustee is a matter of great importance and should not be taken lightly in order to avoid sloppy work ethics, which in turn, can cause more debt and long-term problems.
Getting a discharge is the first step! Filing for bankruptcy is the beginning of a new financial direction, however you should follow the advice of your trustee in order to achieve your discharge several months later. It is important to remember that without that discharge, it will be impossible to put your plans into action. As soon as it is provided to you, you can begin restructuring in a well thought out manner, and any attempt to achieve loans or credit before that point is completely useless. In order to rebuild your credit, first you will need to re-establish it by applying for a secured credit card like Peoples Trust MasterCard, a secured line or credit, or an RRSP LOAN. Although borrowing money may not be necessary, having such creditors report to your existing score is valued as good credit ensuring your eligibility for future loans or mortgages. Achieving secured credit can be relatively easy after discharge; therefore it is important to understand that timely effective payments are in order to ensure eventual unsecured credit. In most cases, after 2 years of being discharged from bankruptcy and with at least 1 year of re-established credit, such as in the above-mentioned options, you will drastically increase your chances of being approved for an unsecured card or line of credit in the future.
Once you have achieved stable credit and are considering moving forward, your best option would be to speak with a MORTGAGE SPECIALIST who can advise you on your path.
