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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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Credit Card Amounts Owing before bankruptcy

I’ve heard that if you spend an amount on a Credit Card within a certain period of time prior to bankruptcy, you still have to pay this amount. What time frame must elapse between last purchase on Credit Cark and Bankruptcy?

bankruptcy Canada, personal bankruptcy

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One Response to “Credit Card Amounts Owing before bankruptcy”

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

If you file for bankruptcy, all creditors will generally provide to the trustee a summary of all transactions you did in the previous three months. Therefore it is possible that you will be asked to pay that money back. While three months is the standard, there are some situations that the review may be able to be taken back further. As this is a complicated area and is heavily situation specific, you should contact a licensed trustee to explain how the rules will work in your situation.