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Secured Credit Cards

If I do a consumer proposal, I know that I must give up all credit cards. My question is:

If I have two secured credit cards with no balances on them at all and $1000 deposited at 2 differnt banks to secure them, must I give them card up?

Posted from: Alberta

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One Response to “Secured Credit Cards”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Yes, you must give those cards up. When filing a consumer proposal you are not able to retain any credit cards. The only exception is if these cards are issued to a 3rd party and you have written permission to be able to keep these cards.