S2 Mortgage Group does not file bankruptcies and cannot advise you on whether to file one. Bankruptcy is a legal insolvency process and only a Licensed Insolvency Trustee can administer it. If you are considering it, speak to an LIT first.
What we do is arrange mortgage financing for people whose credit file already shows a bankruptcy. A discharge is a starting point, not a permanent bar.
Discharge dateAll clocks start here
Two accountsTo re-establish credit
Two yearsPrime lender guideline
Where you might be right now
- You have been discharged from bankruptcy and a bank has declined you.
- You want to buy again and need to know how long you actually have to wait.
- You own a home and your lender will not renew because of the bankruptcy.
- You are rebuilding credit and want to know whether you are on track.
- You want a plan back to prime lending rather than staying in alternative lending permanently.
What actually helps here
- Every lender clock runs from the discharge date, not the filing date. Find yours and keep the discharge letter.
- Alternative lenders will often consider a file soon after discharge, particularly where there is equity or a meaningful down payment.
- Prime lenders generally want two years of clean re-established credit with two active accounts reporting.
- Two secured credit cards used lightly and paid in full every month rebuild a file faster than one.
- A first bankruptcy is treated very differently from a second.
- Ask for a written plan back to prime rather than staying in alternative lending permanently.
Documents to gather
- Certificate of discharge from bankruptcy, with the discharge date
- Statement of affairs from the bankruptcy, if available
- Evidence of re-established credit: two active accounts with twelve months of clean history
- Income confirmation for each applicant
- Down payment confirmation, or current mortgage statement if you own
- Government photo ID
How we rebuild the file
- 01 Confirm the discharge dateEvery lender timeline runs from discharge, not from filing. This sets the whole strategy.
- 02 Check the credit reportingBankruptcies are frequently misreported. Accounts show as owing when they were discharged. Fixing an error costs nothing and can move a file a full tier.
- 03 Match to a lender that accepts the fileWe submit only where there is a real chance, which protects your credit from repeated inquiries.
- 04 Set the return-to-prime planA specific target date, the accounts to establish, and the balances to hold.
Want to know where you stand?
Start the application, or call 647-505-1096 and talk it through first.
Questions we get asked
- How long after bankruptcy can I get a mortgage?
- Alternative lenders will often look at a file shortly after discharge where there is equity or a solid down payment. Prime lenders generally want two years of clean re-established credit after the discharge date.
- How long does a bankruptcy stay on my credit report?
- In Canada, a first bankruptcy generally remains for six or seven years after discharge depending on the province and the bureau. A second bankruptcy stays substantially longer.
- What counts as re-established credit?
- Usually two active accounts reporting for at least twelve months with no missed payments and balances kept low. A secured credit card and a small loan is enough to build this.
- Do you help me file for bankruptcy?
- No. We are mortgage agents, not Licensed Insolvency Trustees. Only an LIT can administer a bankruptcy. We arrange the mortgage financing side and are happy to work alongside your trustee.