Right of Offset
Hi,
Once I file for a consumer proposal, will any of my creditors whom I bank with have the right of offset if I am still current on all my obligations? Or will seizure of funds only be for those with already past due credit products?
I am already considering opening an account at a financial institution I don’t owe money to (or have any credit product with).
Thank you.
Posted from: Ontario
We advise all of our clients to change banks just before they file either a proposal or bankruptcy. I know it is a pain, but by doing so you make certain no one has access to your bank account. (of course you need to switch to a bank that you are not currently dealing with…).