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Bankruptcy & Money taken from my account

I am currently in Bankruptcy, papers were signed on May 26th, 2009. One of my creditors went into my bank account on May 30th and withdrew $620.00 from my bank account – causing my rent cheque to bounce. They were notified of my bankruptcy – can I get this money back? I thought this was illegal?

Posted from: Ontario

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One Response to “Bankruptcy & Money taken from my account”

A licensed trustee said...

I don’t think you’ll like my answer – we advise all of our clients to change banks BEFORE they file so that things like this cannot happen. From a legal standpoint, if the bank seized money from your account for one of it’s own debts (say a VISA or loan) it is called a set-off and there is a basis in law for them to do so. If some other creditor went to the bank and cashed a cheque you gave them on that account then you’re probably out of luck. Your trustee may send a letter demanding that the funds be returned, but most creditors ignore those letters. It is unlikely your trustee will take the creditor to Court as the costs of recovering the money would be higher than the $620 you lost.

Sorry – open a new account someplace else so this can’t happen again.