Right of Offset

December 2nd, 2011 by Questions


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


One Response to “Right of Offset”

, A licensed trustee said:

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…).

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.)