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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What hapens to a credit card with 0 balance

Hi! I was wondering what happens to a credit card that you have that you do not owe any money on, if you file for bankruptcy. The rest of the money that I owe is other credit cards and a line of credit.

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One Response to “What hapens to a credit card with 0 balance”

A licensed trustee said...

Unfortunately, the Bankruptcy and Insolvency Act requires that anyone filing bankruptcy or a proposal to creditors surrender any/all of their credit cards to their trustee when they file. The Act doesn’t make a distinction between cards with balances and those with out – it simply says “all”.

If you feel you must have a credit card to live then you are permitted to apply for a secured credit card after you file. You might want to do a search on the web for more details about these cards – again, you shouldn’t apply for it until after you have filed becuase you would have to surrender it to your trustee if you already have it when you file.