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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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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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Secured line of credit

If I hve ascured line of credit, which has beeen consumed up, how the bankruptcy will handle the issue ?

Posted from: Ontario

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One Response to “Secured line of credit”

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

A bankruptcy really won’t have much of an impact, assuming you want to keep the property that has been pledged as security. The only ways to retain the property is to continue to make payments on it or if the secrued creditor doesn’t want the property back.

If you give the property back prior to filing for bankruptcy or the secured creditor decides to not pick up the property, then the debt becomes unsecured and is cleared by the filing of the bankruptcy.