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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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Will I lose gifts?

I bought some Christmas presents, value between $20-250, on a store credit card. When I file bankruptcy, will the creditor demand them back?

Posted from: Saskatchewan

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One Response to “Will I lose gifts?”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

No you won’t loose these gifts, but you do need to disclose this to your trustee. The best way to deal with these and avoid any difficulties with being discharged from bankruptcy is to identify these purchases made on the eve of bankruptcy, and repay the amount into the bankruptcy estate and of course, stop using your credit cards.