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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Secured Credit Card Before Consumer Proposal

Hi,

I have faced the music – I am deeply in debt and will have no choice but to file a consumer proposal. I have been doing so much reading on here about people having a hard time being approved for a secured credit card during a consumer proposal I am wondering if I should apply for one before I do the proposal?

Posted from: Ontario

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One Response to “Secured Credit Card Before Consumer Proposal”

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

Hello,

There is no point applying for a secured card before you file a consumer proposal as there is a greater risk the card will have to be destroyed or it will be cancelled. I would wait until after you have signed the consumer proposal. You may have read about people having a hard time, so I don’t think these comments are really representative of reality. Most people I have seen have gone through Capital One and found it pretty straightforward.