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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

What exactly is a secured credit card? Can one obtain one during a bankruptcy or proposal or is that not advised?

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One Response to “Secured credit card”

A licensed trustee said...

Yes, you may apply for a secured credit card after you have filed for bankruptcy, but before you have been discharged. You will be required to disclose to the lender that you are an undischarged bankrupt, but that shouldn’t make any difference.

The fact that you have applied for (or have obtained) a secured credito card duing your bankruptcy will only become an issue in yuor bankruptcy if you use it inappropriately. Otherwise your trustee should be indiffereent to the card.