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

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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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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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Bank Accounts

When a person declares bankruptcy, how much money is he or she allowed to keep in a bank account?

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One Response to “Bank Accounts”

A licensed trustee said...

There is no set amount of money that a person is allowed to keep. Rather, if you have funds in excess of what you require fro your immediate financial needs (ie savings) your trustee will be required to seize those funds for the benefit of your creditors.

If you’re looking for a rule of thumb – one paycheque might be considered reasonable. A full month’s income (unless you’re paid once per month) probably would not.