Can I keep my credit cards if I go Bankrupt?
This largely depends on the type of restructuring used. If you file into Bankruptcy, as a requirement of the Bankruptcy you must give up all forms of credit. A Consumer Proposal only deals with unsecured debt with a positive balance – meaning if you have a credit card with a zero balance and you did not have other debts with this institution it would not be included in the proposal, and it would be free for use as a tool after the Consumer Proposal has passed to rebuild your credit. With Informal Proposals you have the option to deal with each debt individually, so cards which are not included in the restructuring would be free for you to retain.
Contact the Office of the Superintendent of Canada for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.