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Credit card

If I declare personal bankruptcy, can my common law let me use her credit cards?

Posted from: Ontario

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One Response to “Credit card”

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

There are very specific rules that deal with bankruptcy and retention of credit cards. The legislation reads:

The bankrupt is not required to deliver to the trustee, for cancellation, a credit card in the possession and control of the bankrupt where the credit card was issued to a third party (e.g., employer, spouse, friend, parent) and the issuer or the third party has authorized the bankrupt to continue to possess and use the credit card. The trustee must conserve documentation in the estate file justifying this exception.

So if you follow those requirements then you can retain a 3rd party card as you wish.