FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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secured credit card

I have recently obtained a secured credit card with a $200 limit, will I lose this if I should claim bankruptcy?

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2 Responses to “secured credit card”

A licensed trustee said...

In general, it is difficult to get a secured credit card while in a proposal. The credit card company may require proof that the security deposit came from a third party, because if you default on the proposal and have to go bankrupt, the trustee may try to seize the remaining security deposit.

Barton Goth, GCO Inc. Bankruptcy Trustees said...

In a bankruptcy the only way you can keep a credit card, secured or not, is to get written permission from the lending institution.