Supplementary credit cards and proposal
October 17th, 2008 by Questions
I`m filing a consumer proposal to deal with some credit card debts. One of the cards is an AMEX which is in my name only.
I also have an Amex card which is a supplementary card that my spouse got for me a few years ago. He`s the primary cardholder on this card and has no debt or credit problems himself. None of his debts are joint with me . I have not used this card but he thinks I should hang on to it in case I have to travel or for emergencies. Will this be OK or will I be prohibited from using a supplementary card because of the proposal? Thanks.
Posted from: Ontario
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October 18, 2008 at 11:37 am, Barton Goth - Goth & Company Inc. - Bankruptcy Trustees said:
When somone files for a bankruptcy or a consumer proposal they are required to deliver to the trustee, for cancellation, all credit cards issued to him/her and in his/her possession or control.
The only exception is for those cards where the credit card was issued to a third party (e.g., employer, spouse, friend, parent) and the trustee has confirmation that the issuer (i.e. the credit card company) or the third party has authorized the bankrupt to continue to possess and use the card.