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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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Bank Accts – closure after bankruptcy

If I file for personal bankruptcy, can any creditor/fed gov`t/trustee or even the bank close my bank acct due ONLY to the fact that I have filed for personal bankruptcy ?

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Posted from: Ontario

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One Response to “Bank Accts – closure after bankruptcy”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

After you have filed for bankruptcy the only accounts that will be automatically closed are accounts that are in overdraft as they are a debt and one that will be wiped out as a result of bankruptcy.

However this doesn’t mean your account is entirely safe as the trustee always retains the right to freeze a bankrupts account, although this would only happen in very rare circumstanses.

Regardless of the above, the best thing for you to do prior to a bankruptcy is to open an account with an institution that you do not owe money to. While this isn’t a legal requirement it will make your life more simple overall.