How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

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Length of credit card debt

What is the minimum length of time one can hold a credit card before including it in a bankcruptcy.

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One Response to “Length of credit card debt”

A licensed trustee said...

This is a very unusual question – there is no minimum limit. If you owe any money on the card when you file the debt must be disclosed. Further, even if you don’t any money on the card when you file bankruptcy you are required to surrender it to your trustee.

I should warn you if you are thinking of using a brandnew credit card to pay off some other debt you could get yourself in trouble. Using the card in this way (knowing that you are about to file bankrutpcy) could easily be construed as fraudulent – that’s not a good way to get started.