September 25th, 2014 by Questions
My question is of I were to claim bankruptcy can I not include my credit card.
Posted from: British Columbia
September 25, 2014 at 9:26 am, Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said:
As per Section 158 (a.1) of the Bankruptcy and Insolvency Act, one of the duties of a bankrupt is to “…deliver to the trustee, for cancellation, all credit cards issued to and in the possession or control of the bankrupt.” It is easy enough to apply for a secured credit card while you are in bankruptcy. They generally require a deposit and you can use it like any other credit card to the maximum of your deposit. They will likely charge you a service fee whether you use the card or not and you will be required to pay the balance off monthly. Besides the convenience of such a card it will reflect positively on your credit rating which will have been adversely effected by the bankruptcy.
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