How long does bankruptcy stay on my credit report in Nova Scotia?

How long bankruptcy stays on your credit report in Nova Scotia will depend on the credit bureau that is reporting. Generally the bankruptcy will stay on your report for at least six years.

There are two large credit bureaus in Nova Scotia.

The largest credit bureau is Equifax. Equifax carries a record of a bankruptcy on credit reports for six years from the date of discharge. If a person goes bankrupt a second time, both bankruptcies remain on the credit report for 14 years. A proposal is removed from your credit report three years after the final payment. More detailed information can be found at
http://www.equifax.com/EFX_Canada/consumer_information_centre/faqs_e.html#ques12

The second large credit bureau in Nova Scotia is Trans Union. Their web site states that bankruptcies remain on the credit report for six to seven years following the date of discharge, or fourteen years from the filing date, depending on provincial legislation. In Nova Scotia this will probably mean six years. Additional information can be found at
http://www.tuscores.ca/content/page.jsp?id=/.../personalfaq.xml&locale=en_CA#6

Please note that filing for bankruptcy does not mean you cannot borrow for six or seven years.

Saving money can change how long bankruptcy stays on your credit report in Nova Scotia. If you have a job, and if you have a down payment or security deposit, it is possible to repair your credit sooner. Most people are able to buy a car or a house in less than seven years after their bankruptcy concludes.