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

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Opening a new bank account

The site states that,
`Since none of your old creditors knows where your account is, they won’t be able to take money from your account accidentally.`

I have my house insurance, loan and mortgage all at the same bank. If my loan will be taken care of during the bankruptcy, and I set up pre-approved payments through my new bank account before the bankruptcy goes through for the mortgage and house insurance, then my creditor for the loan (the bank) will know of my new account.
Can they take money from my new account (towards the loan)??

Posted from: Ontario

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One Response to “Opening a new bank account”

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

The best policy is that if you are going to file bankruptcy you should open a bank account with an institution you do not owe money to. If you have already set up direct payment privilleges through this new account with a loan that will be cleared by filling the bankruptcy you will need to open up yet another account. If you follow that adivce you won’t have any problems.

If you try to maintain an account with an institution implicated in the bankruptcy, or you have direct payment privelleges for one of the loans that will be implicated in the bankruptcy then there is a risk that even after bankruptcy the creditor may mistakenly try to continue to withdraw payments.