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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 happens if you use your credit card within the month prior of filing for bankruptcy

What happens if you use your credit card within the month prior of filing for bankruptcy. Does the trustee need to know immediately or is the amount included in the total regardless of when it was charged? I have excellent credit with this company and I am no where near the maximum limit for credit.

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One Response to “What happens if you use your credit card within the month prior of filing for bankruptcy”

Barton Goth GCO Bankruptcy Trustees said...

The trustee is required to investigate previous transactions. Typically they will begin with 3 monthsi prior and if there are a number of unusual transactions or something that looks suspect (i.e. large transactions, different pattern than normal, lots of cash advances) this will be factored into the bankruptcy process (i.e. your bankruptcy could be extended, you could be required to pay into the bankruptcy estate an amount cooresponding to the amount of the transactions).

However, it really depends on what the specific transactions themselves were. The best thing for you to do is as soon as you start thinking about filing a bankruptcy or a proposal stop using credit.