Money Seized By Creditor Can I Get It Back By Filing Bankruptcy

Sorry, filing a bankruptcy now won't get the money back for you.  I'm assuming that you have your bank account at the same bank who issued your Visa.  If that's correct, you should move your bank account right away to a bank or financial institution that you don't owe any money to.  If you have your bank account at the same bank you owe money to, they can at any time take all of the money out of your account and apply it against your debt.  This is called a "right of set-off."  If you have problems opening a bank account (this can happen if you have damage on your credit report), check out theCanadian Bankers Associationweb site.  You do have some rights. As well, you should talk to a trustee to see whether a bankruptcy makes sense for you.  Even if you don't do a bankruptcy, we can usually give you some advice about setting things up so that this kind of problem doesn't occur.  Give me a call or email me if you'd like to talk. Judy Scott MNP - British Columbia 604-949-2113 [email protected]