October 26th, 2010 by Questions
If I have a credit card with no balance owing can I keep it open if I do a consumer proposal or do I have to close the account?
Posted from: Ontario
October 26, 2010 at 9:14 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
You are not able to keep any credit cards during a bankruptcy
or a consumer proposal, so they must all be destroyed or handed over to your trustee.
The only exception is where:
a) the credit card was issued to a third party (e.g. employer, spouse, friend, parent); and
(b) the trustee has confirmation that the issuer or the third party has authorized the bankrupt to continue to possess and use the credit card.
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