Line of credit

May 26th, 2011 by Questions

If you file a consumer proposal I understand your credit cards have to turned in or canceled. What happens with line of credits? I am really worried about those unforeseen expenses/emergencies where you may need something.

Posted from: Ontario


One Response to “Line of credit”

, A licensed trustee said:

Sorry, but it is “all or nothing”. You cannot choose which unsecured debts to include in a consumer proposal. You are required to list all of your creditors.

Planning on an emergency fund makes perfect sense – what you need to do is open a savings accoutn and start setting a little money aside each month. I realize that may be very difficult to do, but once you file for a consumer proposal or bankruptcy you won’t have access to credit.

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