Pay Day Loans

November 16th, 2009 by Questions

I have 3 payday loans and can no longer keep up the payments and am considering bankruptcy. Will they be included in the bankruptcy? Also, one of the cheques i used for the loan was a joint bank account, can they go after my spouse for that money? we don`t have any shared assets just that one bank account…….the payment bounced.

Posted from: Ontario


One Response to “Pay Day Loans”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Yes, your pay day loans should be covered by filing a bankruptcy.

While there is a list of debts that are not released by bankruptcy, payday loans are not one of them, unless they were obtained under false pretenses.

In terms of your joint bank account, any money in that account is at risk as the creditors have no way of differentiating between monies in that account.

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