Sherwood Park Bankruptcy Questions
Bankruptcy Question & Answer Forum - Sherwood Park
Author: |
|
Anonymous |
Date: |
|
March 30, 2008 |
Question: |
|
I have six different credit cards. If I owe money on five of these cards, but have a zero balance on the sixth, can I include the five in a proposal but still be permitted to keep the sixth card active? Does the credit grantor of this sixth card need to be notified of my proposal filing if there is no balance owing and they are not being included in the proposal?
|
|
 |
From: |
|
Gary Howitt, Alger & Associates Inc. |
Date: |
|
April 1, 2008 |
Answer: |
|
Under Bankruptcy and Insolvency Act, you are required to surrender all credit cards if you file a bankruptcy. In a proposal you must disclose all accounts with balances. While you may not be required to surrender all credit cards, the trustees will discourage having any as it often leads to a road of future debt. The administrator of the consumer proposal does not have to notify the credit card holder if the account that has no balance owing.
Gary Howitt
phone: phone: (780) 442-1983
ghowitt@alger.ca
If you wish to talk to one of the Sherwood Park bankruptcy professionals at Alger & Associates Inc., you can call us TOLL FREE from anywhere in Alberta at 310-8888. After hour appointments at our bankruptcy offices are available.
|
|
|
|
