FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*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.

This field is hidden when viewing the form

Source

How can we help you?

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

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Phone

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

Laura

day after declaring bankruptcy, Royal bank withdrew funds from my account. Something about first right. Is it not in section 69, that once declared, this cannot happen? Bank is not being helpful with answer.

Posted from: Ontario

Share this post:

X (Twitter) Facebook LinkedIn Email

One Response to “Laura”

A licensed trustee said...

What the bank did is called “the right of set-off”. If you owe them money for one account (or loan or credit card) and you have money in another account, the bank has ther right to seize the funds to reduce the debt. They “set one account off against the other”. This is not considered a violation of Section 69 – the staying provisions of the Act.

Most trustees, ourselves included, tell their clients to switch banks BEFORE they file to avoid this very problem. You may want to have a chat with your trustee if they didn’t warn you about this…