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credit cards in consumer proposal

Hi, I’m just concern, if I’m going to file a consumer proposal, do I have to turn all of credit cards (unsecured) to the banks? Please advise.

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One Response to “credit cards in consumer proposal”

A licensed trustee said...

Yes, if you file either a proposal or bankruptcy, you are required to surrender your credit cards to your trustee at the start of the procedure. This includes cards with ZERO balances – all of your cards must be handed over.

If you absolutely must have a credit card you may apply for one after you file – there are a number of companies that offer secured credit cards to people with credit problems. A secured credit card i sone where you provide the card holder with some form of deposit equal to your monthly charge limit.

Your trustee should be able to point you in the right direction to apply for one of these cards.