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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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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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Children’s bank accounts

If personal bankruptcy is filed, what happens to our children’s bank accounts? will they be seized?

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One Response to “Children’s bank accounts”

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

Typically if you have a joint account with someone else, in most cases the money in that account forms part of your bankruptcy estate. However, this depends largely on:
a) whether your name is listed jointly on the account;
b) the amount of money in the account; and
c) where the deposits originated from (i.e. can they be traced back to funds you have deposited).

For more details, you should discuss the specifics with a licensed trustee in your area (see Find A Trustee on the right hand side of this page.â€