July 3rd, 2012 by Questions
good afternoon, this is a great site!
my question is this. if you are considering a consumer proposal and you have a credit card in good standing (that we have had for quite soemtime) with a $0 balance owing, do you still have to include this card in the proposal?
Posted from: Ontario
One Response to “0 balance”
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July 03, 2012 at 8:58 pm, A licensed trustee said:
The law requires you to surrender ALL of your credit cards to your trustee when you file a consumer proposal (or bankruptcy) – even cards with $NIL balance. If you want to keep the card you need to get a letter from the company that issued the card confirming that they will allow you to keep it even after you file the consumer proposal.