Can I Keep One Credit Card For Emergencies?


when a person goes bankrupt the bankruptcy and insolvency act requires them to turn over all their credit cards to the trustee so the trustee can send them in for cancellation the creditors if you think about it when the creditors find out that you've gone bankrupt they're not going to want you to have a card, not their card anyway right so they're going to want the card back and they'll want to know that everything is under control the same doesn't quite apply in a proposal there's no obligation you know putting a consumer proposal to turn over your cards to the trustee but the reality is as soon as the creditor is in your proposal find out that you've done the proposal they're going to want their card back anyway so as far as credit cards are concerned you know you hand them over to the trustee you're rid of them you know life starts fresh now we're talking about credit card so we're not talking about access cards for instance or you know things like that there are all kinds of cards around nowadays right but what about prepaid cards cards that you've in a sense they're not really credit cards because really only you're only using your own money right so that law you know might not apply to those cards prepaid cards though generally are available even to a person who's already filed bankruptcy because they're really not extending any credit to you so I don't know if that answers the question that everybody wants to know about losing their credit cards but basically you can count on having to turn over two credit cards if you have them to the trustee thank you so much for taking the time to view this video we hope you found the information helpful and informed please visit our website for more videos

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AJ

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