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”
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May 26, 2011 at 6:15 am, 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.