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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

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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…).