Do I have to include credit card debt in bankruptcy?
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
One Response to “Do I have to include credit card debt in bankruptcy?”
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.)
You must be logged in to post a comment.
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.