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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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Personal business and credit card

I have a credit card that I use for my healthcare practice dispensary expenses. I use it every month and pay off the total monthly. If I declare bankrupty can I still use it up until I declare or should I stop using it? And if so then how am I supposed to make the purchases for my business?

Posted from: Ontario

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One Response to “Personal business and credit card”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If you know you are going to be declaring bankruptcy you should stop using all credit cards immediately. As you know, when you file for bankruptcy you are not entitled to keep any credit cards. Now this will definitely force you to change your purchasing behavior in the business as you will be left in a position where you will essentially have to purchase with cash or potentially save a little money and look into obtaining a secured credit card after the bankruptcy is filed.