When my bankruptcy in Cambridge ends, will I ever be able to borrow again?
Personal bankruptcy is designed to give you a fresh start. Once you are discharged from your bankruptcy, you are able to borrow again. (More information can be found in our article on What happens at the end of my Cambridge Bankruptcy?).Many residents of Cambridge, Ontario require a car to get to work, so being able to borrow to purchase a car is important. Whether you live in Galt, Preston or Hespeler, home ownership is another goal of many Cambridge residents. Does going bankrupt in Cambridge mean you will never be able to borrow to purchase a car or a house?
No, bankruptcy does not mean you will never be able to borrow again. In fact, over the years I have done hundreds of bankruptcies in Cambridge, and many of those people go on to borrow again for major purchases. Your ability to borrow in the future is largely up to you. Here is my advice:
First, start saving money. Put aside a set amount from each paycheque. Having a large down payment will make it much easier to finance a car or house in the future.
Second, keep all of your monthly bills up to date. If you fall behind on your Cambridge Hydro bill, or your phone or gas bill, you will do even more damage to your credit report.
Third, once your bankruptcy is over we will explain other ways to re-establish and repair your credit, such as through a secured credit card.
If you can save money, earn a good income, and take steps to re-establish credit after bankruptcy, you will be able to borrow again.
Tagged as: personal bankruptcy, bankruptcy Cambridge, borrow after bankruptcy
posted by J. Douglas Hoyes, CA, Trustee @ 7:41 PM
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