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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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How can we help you?

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 and Supplementary Credit Cards

I’m considering filing for bankruptcy and was wondering what happens to the one credit card that I currently hold.

I have a secured credit card with Capital One in the amount of $200. Do I have to turn that over?

Also I have a supplementary credit card from a family member to use in case of emergency, if I file for bankruptcy will that tarnish their credit rating?

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One Response to “Secured Credit and Supplementary Credit Cards”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

All credit cards must be turned over to your trustee upon filing a bankruptcy unless:
1. you have no outstanding balance on the card; and

2. you get a written letter from the credit card institution stating that they are aware you are filing for bankruptcy and have no concern with you keeping the card.

It would be important to discuss this with your trusteeto ensure that it is nine with their eternal policies and then provide them with the credit cards letter of authorization.

In terms of credit rating you will have an R-9 that will be registered with the credit bureau for a maximum of 6 years from the date your discharged from bankruptcy.