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

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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 Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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overdraft

My bank account is currently in overdraft… is this also wiped out through bankruptcy?

Posted from: British Columbia

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One Response to “overdraft”

A licensed trustee said...

Yes, your overdraft is a debt that will be included in your bankruptcy or proposal. As a rule, we ask our clients to “switch banks” before they file to a new institution that they are not indebted to. The new account should not have an overdraft because if it does we need to notify the new bank of the bankruptcy and the overdraft will be cancelled.

A word of warning about switching banks: many banks will “hold” funds for new customers, often for as long as 5 days. You need to know your new bank’s policy so you can plan your payments accordingly. If funds are “held” and you write a cheque it will bounce and be charged a fee – be careful and you’ll be ok.