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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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What about my bank accounts?

If I file for personal bankruptcywhat happens to my bank account. I would assume saving accounts are forfieted. Are there limits as to how much a trustee must leave in chequing accounts to cover outstanding cheques and pending responsibilities like rent, insurance payments, utilities, food, etc?

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One Response to “What about my bank accounts?”

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

You are right that any savings will forfeited but your trustee will use his own judgment to determine how much it is reasonable for you to retain in your chequing account to cover your typical living expenses.