FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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Frank

I work for a major financial institution and have a Master Card issued by my bank with a balance of about $10,000. My total debt load is a lot higher and I have no choice but to file for consumer proposal. I know about bank’s right to offset but I am wondering if my proposal if filed, will my bank still be able to legally excersize that right.

Posted from: Ontario

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One Response to “Frank”

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

The right of set off expires as of the date the consumer proposal is filed. This is the date the stay of proceedings is put in place.