In short
Yes, it is possible, but it takes time. A first bankruptcy without surplus income generally leads to a discharge after 9 months; a consumer proposal lasts 5 years at most. After that, the information stays on your credit report: generally 6 years after discharge for a first bankruptcy (7 years at TransUnion in Quebec and a few provinces), and for a proposal, 3 years after it is paid off or 6 years after signing, whichever comes first. For a CMHC-insured mortgage, at least one borrower or guarantor must have a score of 600.
Bankruptcy or proposal: the timelines
At the end of a proposal, you receive a certificate of full performance. The Office of the Superintendent of Bankruptcy advises sending a copy to the credit reporting agencies so your file is updated.
| Situation | Length of the process | On the credit report |
|---|---|---|
| First bankruptcy, no surplus income | 9 months (unless opposed) | Generally 6 years after discharge; 7 years at TransUnion in Quebec, Ontario, PEI and NL |
| First bankruptcy, with surplus income | 21 months (unless opposed) | Same rule |
| Second bankruptcy | 24 months, or 36 with surplus income | 14 years |
| Consumer proposal | 5 years at most | 3 years after all included debts are paid, or 6 years after signing, whichever comes first |
Sources: Office of the Superintendent of Bankruptcy, “Compare debt solutions”; FCAC, “How long information stays on your credit report”.
What the lending rules say
The Office of the Superintendent of Bankruptcy warns that, generally, a person who goes bankrupt or files a proposal is assigned the lowest possible credit score, and that no lender is required to give them credit. For an insured mortgage, CMHC requires at least one borrower, or a guarantor, to have a score of at least 600. No official CMHC page sets a waiting period after bankruptcy: the insurer and the lender judge the file.
If the big banks say no, alternative lenders price the risk instead of refusing it, at a higher cost: the alternative lenders guide explains it.
Rebuilding your credit
- Pay your creditors on time and keep your usage under 30% of available credit, as the Office of the Superintendent of Bankruptcy recommends.
- Consider a secured credit card: FCAC presents it as an option if you have filed for bankruptcy in the past.
- At the end of a proposal, send your certificate of full performance to the credit reporting agencies.
- Check your credit report before applying for a mortgage, and have any information that should be removed corrected.
- Talk to a mortgage broker about lenders that accept your situation, and the cost.
And the home you already own?
In a consumer proposal, the Office of the Superintendent of Bankruptcy states that you keep your assets, including your house, as long as you follow the proposal. In a bankruptcy, the trustee takes possession of assets that are not exempt, and the list of exempt assets varies by province.
Frequently asked questions
How long after bankruptcy can I get a mortgage?
No official rule sets this delay. The bankruptcy generally stays on your credit report 6 years after discharge (7 years at TransUnion in Quebec); some alternative lenders lend sooner, at a higher cost.
How long does a consumer proposal stay on my file?
Equifax and TransUnion remove it 3 years after all included debts are paid, or 6 years after signing, whichever comes first.
What credit score do I need for an insured mortgage?
For a CMHC-insured mortgage, at least one borrower or guarantor must have a minimum score of 600.
Do I keep my house in a consumer proposal?
According to the Office of the Superintendent of Bankruptcy, yes, as long as you follow the terms of the proposal.
Sources
- Bureau du surintendant des faillites — Comparaison des solutions à l'endettement read 2026-10-08
- Bureau du surintendant des faillites — Propositions de consommateur read 2026-10-08
- OSB — Consumed by debt? Information for consumers on the insolvency process read 2026-10-08
- ACFC — Combien de temps les renseignements restent dans votre dossier de crédit read 2026-10-08
- ACFC — Choisir une carte de crédit (carte garantie) read 2026-10-08
- SCHL — Achat (pointage de crédit minimal) read 2026-10-08
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General information, not legal or financial advice. For your situation, consult a mortgage broker or a licensed insolvency trustee.