Getting a Credit Card after Bankruptcy

When a person goes into bankruptcy he has to hand in all his credit cards to the trustee.

After that person has been discharged from bankruptcy, he or she is often a good credit risk, since that person has no debt. Regardless, a discharged bankrupt often has a difficult time getting a new credit card.

An option is to request a "secured card" from your financial institution. A "secured card" is a card backed-up or secured by funds you have deposited with the bank or credit union. The card looks like a credit card, and acts like a credit card but will have a limit depending on the amount of money that secures the card.

We are aware of the following Canadian financial institutions that offer secured cards:

• Home Trust Company