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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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Credit Cards

I will be filing for banckruptcy in the next week or so. I have a huge CRA debt of $82,000 for which they have denied deductions going back several years. It is to rid myself of this debt only. Other than this single debt I am doing well financially. This is a shame but I have no other alternative.

I know I will have to give up my credits cards. I also have a company credit card that is in both the company name and my name also appears on the card. I am an employee not a principal of the company The company is the primary card holder, they receive the invoice and they are responsible for payment. Will I also lose that card? If so, can any exception be made if it is the company that is responsible as I travel a lot for business and require that card.

Thanks

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One Response to “Credit Cards”

Barton Goth GCO Bankruptcy Trustees said...

Technically speaking you will loose this card unless you can get written permission from either the 3rd party who has issued you the card or the lending institution that you have authorized you to continue to possess and use the card. Once this written permission is obtained a copy of it must be provided to your trustee.