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  1. Doug Stuive, CA | Trustee | CIRP
    Doug Stuive, CA | Trustee | CIRP

    The bank has the right to offset their liabilities from any funds in your bank account as at the date of filing your consumer proposal. For example, let’s say you had a line of credit at the bank and you also had money in your chequing account. If the money in your bank account was on deposit on the day you filed your consumer proposal then the bank would be able to take the cash on hand and apply it to your debt. This right is limited to what is available at the time of filing the consumer proposal. If the money in your bank account represents deposits you made after the date of filing your consumer proposal, the bank cannot withdraw these funds from your account and apply them to the debt you included in your consumer proposal.

    If you bank is continuing to collect on your debts you need to notify the Administrator of your consumer proposal so they can contact the creditor and request your money back.

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