Any negative situation with creditors can affect your credit rating. Often credit ratings are already at their lowest before people seek debt relief. Credit worthiness is based on your creditors’ experience with you in your past irrespective of bankruptcy. Having a credit card delinquent for 120 or more days could terminate your ability to get credit from anyone else. The majority of people going bankrupt already have derogatory information in the Credit Bureau. Any derogatory information on your Credit Bureau, by provincial regulation, remains in place at the Credit Bureau for 6 years even if you pay the debt off.
A first bankruptcy remains on your record at Equifax and Trans Union for 6 years from the date of your discharge. A second bankruptcy remains on your record for 14 years from the date of your last discharge.