Are funds in my chequing account in jeopardy?
Hi — I have essentially decided I have no viable option but to file for second-chance bankruptcy (in BC) but have not yet gathered myself to do so. In the meantime, I have failed to make a Visa payment for two months running. My question is: Since my Visa and chequing accounts are with the same institution, are the funds in my chequing account in jeopardy of being seized by my bank?
Yes, the funds are in jeopardy of being seized.
Also note, if you go into bankruptcy and there are funds in your account the bank can take the funds because they will have the right of “set off”.
Your trustee can advise you of this when you meet him for your free initial consultation:
- Bankruptcy Canada Licensed Insolvency Trustee