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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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Is the Money in my account safe

if you claim bankruptcy can he bank take the amount of money you have in your chequings account if All of my debt in unsecured.

Posted from: Quebec

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One Response to “Is the Money in my account safe”

A licensed trustee said...

Yes, when you file for bankruptcy (or even before if you’ve missed payments) your bank has the right to withdraw funds from your bank account to cover any other debts you may have with them.

One of the first things we suggest people do when they experience financial problems is switch banks to someone that they are not indebted to – this way the bank will not withdraw any funds.