Calgary Alberta Personal Bankruptcy Blog: May 2009: Trustees Answer Questions on Bankruptcy Calgary Blog

Credit cards and bankruptcy

Question: can i draw money from my credit cards and keep it just before i go bankrupt?

Answer: No. Drawing money from credit cards before filing for bankruptcy would be considered fraud, and you would be required to pay it back, even if you went bankrupt.

Labels: bankruptcy

Posted on Wednesday, May 06, 2009

Rebuilding credit after bankruptcy

Question: What would be the best way to rebuild credit after filing bankruptcy?

Answer: For residents of Calgary, Alberta, after the conclusion of your bankruptcy the most important step you can take is to begin saving money. By saving money you will have a significant down payment in the future to buy a car or house if needed.

To rebuild your credit after bankruptcy, one option is to get a secured credit card. You give the credit card company a deposit, and they give you a credit card with a credit limit equal to your deposit. The credit card appears on your credit report, and shows that you have begun to rebuild your credit.

Labels: bankruptcy

Posted on Monday, May 04, 2009

Bankruptcy Calgary Information Site

Credit cards and bankruptcy

Rebuilding credit after bankruptcy