using credit cards
December 19th, 2008 by Questions
I have a good income but a very high debt load which now i am onlly able to make minimum payments to my credit cards and i find myself every month using what i can and maxing them out again. I often have taken cash advances such as 100 to 300 dollars. i have heard that before filing for bankruptcy you should not use your credit cards. how will the above affect me and does it play the same role if you file a consumer proposal???
Posted from: Alberta
One Response to “using credit cards”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
December 22, 2008 at 11:35 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
You have heard correctly, once you have decided you are going to need to file either a bankruptcy or a consumer proposal you need to stop using your credit cards. Any activity just prior to filing either a bankruptcy or a proposal could cause you problems. Now what problems really depends on the specific types of transactions and the amount of transactions you are dealing with. As a result you need to contact a local trustee to discuss these things in greater detail.