Work in Bank

July 26th, 2009 by Questions

I work in a Bank and also have Credit Card/Line of Credit loans from same bank. If I file for Consumer Proposal how it will impact my job. My salary also come to same bank account, can they withdraw amount from my account.

Posted from: Ontario

Questions

One Response to “Work in Bank”


, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Legally speaking an employer is not legally allowed to sever employment directly due to the filing of a consumer proposal.

In terms of you salary and whether or not it is at risk prior to the filing of the proposal, it is at risk. The bank, in the absence of a proposal, always has the right of set-off, meaning they can seize money directly from your account to off-set amounts you owe the bank. This can be done at any time and without asking for permission. The key is this is only allowed within the same institution, in order for creditors to access money held by another institution they then need court permission.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)