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

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*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.

This field is hidden when viewing the form

Source

How can we help you?

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.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Credit Card Paper Trails

I have been out of work for almost 2 years now, and have been surviving on credit cards. My credit card debt is sky-high now, and I plan on going bankrupt once I get a job. When my financial situation will be assessed by the trustee, how far back to they look at credit card statements (and bank accounts)? I have several credit-card accounts that go back more than 10 years. Do they check that far back? Somebody told that they would look at only the prior year, but I don’t know if I believe them. How much of my “financial history” will I need to provide to the trustee?

Thanks

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Credit Card Paper Trails”

Barton Goth GCO Bankruptcy Trustees said...

How far a trustee will go back will depend on whether or not you were involved in any unusual transactions and whether or not the creditors appear concerned with your historic purchasing behaviors.

A trustee will immediately review the last 3 months in absence of anything unusual, but if the creditors suggest unusual activity was present then depending on the type of transactions the trustee may go back as far as 5 years.

Additionally, there is a section in the Bankruptcy Act that suggests if you contributed to your finincial downful the court may impose conditions on your discharge. As a result of this section I have seen people who excessively used credit and obtained more credit when they were aware they were insolvent be given orders to make significant additional payments into the bankruptcy estate to componsate for this type of behaviour.