set-off

Posted on Thursday, January 24, 2008

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I need to file a proposal or go bankrupt but are worried one of my creditors will sieze money from my bank account after I file. I do not bank directly with the company that issued one of my credit cards, but I think they are affiliated with the company that manages my bank. Do I need to be concerned? Should I open another account? What is best for me to do?

Filed under: Bankruptcy
 posted by Questions @ 12:59 am
1 Expert Comment:

 At January 24, 2008 | 4:51 pm , Barton Goth GCO Bankruptcy Trustees Said...

We always suggest you open a new bank account, particularly if you owe money to the institution you bank with or have directly given one of your creditors permission to do so (typically referred to as a wage assignment and often done with places like PayDay Loans or Moneymart).

While this is not a legal requirement it can make your life a lot easier to start a new relationship with a new institution.

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