Creditors can obtain a court order to have the right to freeze or seize your bank account if you’ve failed to make payments. Luckily, a Licensed Insolvency Trustee can help you unfreeze your account by filing a consumer proposal or personal bankruptcy.

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We have a 24/7 emergency service if you need to speak with an advisor quickly. We can present you with solutions that will allow you to regain control of the situation.

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Who can freeze your account?

Your bank account can be frozen or seized by:

  • Creditors – If you haven’t paid your debts in a while and are behind on many payments, your creditors have the right to go to court and obtain a judgement against you that will allow them to freeze or seize your bank account.
  • Banks – Banks will often have clauses, called ‘right to offset’ in their contracts that state that they may be able to seize money from your account without your consent if you’re late on payments. This is especially common when it comes to late credit card payments.
  • CRA or Revenu Québec – The Canada Revenue Agency (CRA) and Revenu Quebec do not need a court order in order to be able to freeze or seize your bank account. If you have tax debt and have made no move to repay it, then it is within their right to freeze your account or even seize your assets.

How to unfreeze your bank account

Although having your bank account frozen is a pretty scary ordeal, know that you have options:

  • Get into a payment agreement with your creditor – Usually, account freezes are made for the sole purpose of getting a reaction out of you. Ultimately, creditors just want to be paid what they’re owed. Freezing your bank account is a way for them to open up the discussion.
  • Contact a Licensed Insolvency Trustee (LIT) – Consumer proposal and bankruptcy offer a wide array of legal protection. Most importantly, they can lift seizures against you and unfreeze your bank account so that you can start receiving your paycheques and making payments again.

With a LIT, not only will you get the help you need to unfreeze your account, but you’ll also take a step towards a debt-free lifestyle and financial health.

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