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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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Consumer Proposal – Surrendering ALL Credit Cards

What happens if i file for a consumer proposal and i have 8 credit cards and i only use 4 of them right now. But they are with 8 different places by not using the 4 of them would that mean i would still have a credit? And could i build my credit rating back sooner then in 5 years?

Posted from: Ontario

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One Response to “Consumer Proposal – Surrendering ALL Credit Cards”

A licensed trustee said...

One of the requirements when you file a consumer proposal (or bankruptcy) is that you surrender all of your credit cards to your trustee. It doesn’t matter if you don’t owe the card any money – it must still be surrendered.

You have the right to ask the issuing company to send you a new card after you have filed, but it is unlikely they will do so.