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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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Lines of Credit?

I see a lot information on the internet about credit card applications after bankruptcy but what about lines of credit? Is it and when is it possible to apply for a line of credit after being discharged from bankruptcy…Assuming one has a job, some savings etc…
Thank you

Posted from: Ontario

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One Response to “Lines of Credit?”

A licensed trustee said...

The credit cards you’ve read about are either secured cards (where money has been placed on deposit as surety against the use of the card) or pre-paid cards (not actually credit cards at all since yuo can only spend whatever you’ve loaded on the card).

I am certain you can obtain a line of credit if it is properly secured – that means you either need a lump sum of money to place on deposit with the bank, or have something that the bank will accept as collateral (for example equity in a house). A co-signer might also work depending on their situation.