Upon making an assignment in bankruptcy or consumer proposal, the bankrupt or debtor is required to surrender all of their credit cards to their Trustee in Bankruptcy who will destroy them.
However, you may continue to use supplementary cards provided by your spouse, or employer as long as you are in no way responsible for the account itself.
Yes, a bankrupt or debtor may use pre-paid visas as no credit is extended.
A debtor who filed a consumer proposal can apply for a secured visa immediately after filing their consumer proposal, while a bankrupt can apply for the same secured visa after obtaining their discharge. For a link to a reputable secured visa provider, click here.
Filing a Consumer Proposal or assignment in Bankruptcy does not mean the permanent end of good credit. For more information on rebuilding your credit after bankruptcy or a consumer proposal click here.
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