Thursday, March 15, 2012

Will Bankruptcy Cause Trouble Opening Bank Accounts? - Best ...

Trouble opening bank accounts should not be a concern if you used to be bankrupt. Banks are required by the government to permit once-bankrupt or presently bankrupt people to apply for bank accounts and similar services, no matter what the state of their finances are or have been. Regulations concerning the right of the bankrupt person to access basic banking services were implemented to protect the rights of the filer and strengthen his or her chances at regaining financial stability after filing for or declaring bankruptcy. There are many negative effects that come with bankruptcy, such as diminished assets and finances, which can be problematic enough ? the filer should not have trouble opening bank accounts.

The Access to Basic Banking Services Regulations released in 2003 prohibits banks from denying bank accounts and other services to a bankruptcy filer, as long as he or she has not committed fraud or crimes against banks and its personnel, as well as falsifying identifying documents. Regulations contained therein also guard against the impact of prejudice against those filing for bankruptcy or those who have been bankrupt in the past. Keep in mind that these regulations only cover applications done face to face, and not those accomplished online or via telephone. The bankruptcy filer has to make a personal appearance at the bank of his or her choice and submit one or more of the following original documents: a Canadian birth certificate, naturalization certificate, passport, driver?s license, SIN card, and health card.

Bankruptcy, investment loss, or job loss that generates a significant reduction in overall income should not prevent the individual to access bank services that can be instrumental in rebuilding his or her finances after mitigating the effects of staggering debt. If you do encounter obstacles in applying for a bank account, for example, you may go to the Financial Consumer Agency of Canada, look for a complaint form, and register a complaint against your bank. However, many are glad to find out that their banks address the problem head-on if the individual makes his or her complaint known.

Filing for bankruptcy, though it has benefits as an effective means of debt relief once all other options are exhausted, also has its disadvantages ? reduced assets and a reset credit rating are just some of its downsides. Your bankruptcy trustee will ensure that, to the utmost of the professional?s ability, bankruptcy preparations and bankruptcy proceedings will go along smoothly and without as many repercussions on your finances as possible.

A licensed bankruptcy trustee is far more preferable to ordinary credit counselors and debt relief providers, as he or she is not only certified by the Office of the Superintendent of Bankruptcy to handle bankruptcy cases and facilitate proceedings, but also to dispense advice on the best debt management options available for your situation. A trustee is also the best resource for correct information that can help you steer clear of misconceptions such as bankruptcy causing trouble opening bank accounts.

Trouble opening bank accounts should not be a concern if you used to be bankrupt.

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