monthly baby bonus

September 30th, 2012 by Questions

I haven’t declare bannkruptcy at the moment, but realisticly I’m going on two years without filing.
My question is; I have a credit card debt with one of the banks thats receives the monthly child benefit payments. Now can they hold this or keep it as payment for the credit cards amount owning?

Posted from: Ontario


One Response to “monthly baby bonus”

, A licensed trustee said:

Once the CTB has been deposited into your bank account then it becomes co-mingles wiht any other funds you may have. If you owe your bank a payment on a credit card or loan they may legally go into your accoutn and take whatever funds they find there for their payment.

So, regardless of whether or not you need to file for bankruptcy, you should switch to a bank that you do not owe any money to if you don’t want this to happen.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)