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Overdraft & Consumer Proposal

Can an overdraft bank account be included in a consumer proposal? The bank account has been in overdraft for months and it’s an amount of $4000. The bank wants the account closed, but I don’t have the funds to pay it all back.

Posted from: Ontario

One Response to “Overdraft & Consumer Proposal”

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

When you file a consumer proposal you legally must list all debts that are greater than $250.00, so this will include your overdraft. As it is part of the consumer proposal you then cannot make any direct payments on to this overdraft?