Life After a Bankruptcy or Proposal

Once you have completed all of your duties in your bankruptcy, you will be discharged. 

From the start of your bankruptcy process it will take a minimum of nine months to receive your bankruptcy discharge.

What happens after bankruptcy discharge?

Once you are discharged, you will receive a Certificate of Discharge from the bankruptcy trustee indicating that your bankruptcy has ended, and your debts will be eliminated (note: certain debts such as child support and fines are not dischargeable).

The fact that you filed for personal bankruptcy will appear on your credit report for a further six years (longer if you were bankrupt more than once). This means that if you apply for credit, the lender will know that you filed for bankruptcy.

However, once your bankruptcy is completed, if you are able to save money, you will be able to gradually repair your credit. For example, even with a bankruptcy on your credit report, if you have a good job, and have no other debts, and have a suitable down payment, you will be able to finance the purchase of a good used car, and perhaps even a new car.

Filing bankruptcy in Cambridge is the first step in getting back on track financially. Once you are discharged from your bankruptcy, it’s up to you to watch your money, save money, and make prudent financial decisions to rebuild your credit.

For more details on what happens after a bankruptcy ends and on the effects of a bankruptcy discharge, please e-mail your questions to our bankruptcy trustee in Cambridge or call our Cambridge bankruptcy office at (519) 622-3773 .