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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Credit Cards

Hi, I’m going to declare bankruptcy soon. I’ve been in financial trouble for a while already. I borrowed money from credit cards and line of credits to live. I’ve also bought some items with my credit card recently. I was wondering if that would be a problem when I actually go through with the bankruptcy.

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One Response to “Credit Cards”

Barton Goth GCO Bankruptcy Trustees said...

Uner the Bankruptcy and Insolvency Act you are required to give all credit cards to your trustee unless:

1. you currently have a zero balance on the card; and

2. you get written permission from the lending institution to retain the card in question.

Otherwise you have no choice and must forfeit all credit cards.