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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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Secured credit cardin bankruptcy

I have a secured credit card with a 2000 dollar limit and a 2000 dollar deposit held as security. The card has a 1087 dollar balance.

If I declare bankruptcy can I still keep the card or do I have to close the account and get the remaining deposit back? I don’t think I will get more than 800 dollars after all fees have been deducted. I would very much like to keep the card for the convenience.

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One Response to “Secured credit cardin bankruptcy”

Barton Goth GCO Bankruptcy Trustees said...

If you file a bankrutpcy or a proposal you are not permitted to retain any credit cards as they must be delivered to the trustee and returned to the lender. If thre is any of the deposit available it becomes an asset that is paid to the trustee and made available to the general body of creditors pursuant to the Bankruptcy and Insolvnecy Act.