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Can I use my line of credit after signing papers for a consumer proposal?

can i use money from my line of credit after signing papers for a consumer proposal.

Posted from: Ontario

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One Response to “Can I use my line of credit after signing papers for a consumer proposal?”

A licensed trustee said...

If your line of credit us unsecured then it will be frozen when you file a consumer proposal. That means you will no longer have access to it.

Before you ask, it is also quite inappropriate to borrow whatever credit you have left just before you file a consumer proposal (or bankruptcy) so you can set the money aside someplace to use later… If the Court determines that you;ve done this then your proposal may be cancelled.