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Can you get a loan after bankruptcy in Canada?

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2009-12-27 14:25:39
2009-12-27 14:25:39

After filing for bankruptcy in Canada you may borrow money. The risk is borne by the creditor. During bankruptcy, after filing but prior to being discharged, you may obtain credit with a value of up to $1,000. without advising the creditor of your bankruptcy. Should you seek to borrow more than $1,000 you are obliged to advise the lender that you have filed for bankruptcy.

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Related Questions


If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.


A "reaffirmed loan" is a loan that the claimant in a bankruptcy has left out of the bankruptcy and is "reaffirming" that they will still pay the loan as usual.


No, you can't get out of paying a student loan by filing bankruptcy.


Yes. With the lender's permission, you can reaffirm the loan at the time your bankruptcy is executed.


Student loan bankruptcy happens when a student has not been a student for the last 7 years and declares bankruptcy. For more information please contact a student loan office.


If her name is on a loan that you file bankruptcy on than she would then be responsible for that loan. Filing a bankruptcy only gets your name off the loan(s), you would both need to file together.


When you file bankruptcy, you may wish to reconcile a loan. Basically, it's a loan that you have that you don't want to file bankruptcy on. You intend to keep paying it as normal, while still declaring bankruptcy on other loans.


If you file chapter 7 or 13, your loan may discharge in bankruptcy. This is not an automatic process you need to prove to the bankruptcy court that repaying your loan would cause undue hardship.


For the rules for bankruptcy in Canada you can check Wikipedia or Bankruptcy Canada. It is also a good idea to check with a debt solutions company or your accountant.


If you are lucky, yes. But most likely, no lender will give you a mortgage loan if you are or have declared bankruptcy.


Only if the bankruptcy is currently discharged.


That depends on what you're asking. Who filed bankruptcy? The owner of the car or the owner (holder) of the car loan? Did you co-sign on the loan? If you co-signed on the loan and the other signer files for bankruptcy, yes you are liable for the loan. If the owner (holder) of the car loan files for bankruptcy, you are still liable to the owner's creditors (and you need to find out who they are so you can get the lien released).


There are a number of places one may be able to get a loan to purchase a car after declaring bankruptcy. Depending on how long ago the bankruptcy was declared, a number of banks and credit unions may offer one a loan.


Yes, you can still get a loan even if you have bad credit from a bankruptcy. Everyone deserves a second chance.


Yes, it is possible to get a mortgage loan after bankruptcy. Be very care though, your interest rate could be considerably high.


Whether your car loan is discharged by a bankruptcy or not will depend on your state and the equity in your car. Whether the loan will be discharged or not is called an "exemption".


If a loan from a credit union has been discharged in bankruptcy court, that credit union cannot collect and must write the loan off.


You will be responsible for the whole debt since you are the only one capable of paying the debt after your wife's bankruptcy.


Getting a loan after bankruptcy can be difficult depending on what type of bankruptcy one files. A Chapter 13 bankruptcy, one cannot even apply for credit during the length of the bankruptcy. In a Chapter 7 bankruptcy, that is a different story. One can file Chapter 7 bankruptcy and as soon as it is discharged can apply for credit. The only problem with getting a loan after bankruptcy is that you may have to have a co-signer until you build up some positive credit.


No. and Yes. The default on your prior student loan must be addressed and the loan rehabilitated before you're eligible for more student loans. The bankruptcy would only affect you if you had a defaulted student loan that was written off in the bankruptcy. Otherwise, bankruptcy doesn't prohibit you from applying and received federal student loans. Student loans are NOT automatically written off in bankruptcy and take extra steps with the courts.


Once the bankruptcy is dismissed or discharged it is quite acceptable to file for a new loan. In fact once your chapter 7 or chapter 11/13 is discharged, lending institutions will be lining up to loan you money. The potential of getting a loan approved if your bankruptcy is dismissed is extremely remote however. Considering the reasons for filing bankruptcy might be a good pre-loan application exercise though.


As a cosigner, you are not at all protected if the primary signer files for bankruptcy. In many cases, filing for bankruptcy relieves the primary signer on the loan from his obligations towards the loan, at which point the lender will turn to the cosigner for payment. You'll either have to pay the loan or file for your own bankruptcy (if necessary).Unfortunately, you're stuck with the loan regardless of whether or not the primary signer successfully completes his bankruptcy filling. You may want to contact a bankruptcy lawyer for some additional advice or assistance.


I am in college my mom defaulted on bankruptcy how can I get a loan to go to school?


Nothing spectacular happens. And you are still liable for the loan payments. Most bankruptcy filings are for Reorganization, not for 'going-out-of-business'. The 'filing' of bankruptcy is done in a Bankruptcy Court. A judge oversees the orderly progression of the bankruptcy. If the finance corporation has filed for reorganization, then you will continue paying them -- because they are not going out of business Otherwise, your loan and every other loan will be sold to another financial institution -- and you will pay that new company. No matter what, you still have to pay the full amount of your loan.


If the student loan is a federal loan and not a private loan then the answer is no. Federal student loans can not be included in bankruptcy, you will always be responsible for repayment of FEDERAL student loans.



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