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Overdraft

Will an overdraft balance be covered in a bankruptcy?

Posted from: British Columbia

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One Response to “Overdraft”

A licensed trustee said...

Yes. Something a lot of people don’t realize is that if you have an overdraft it must be listed as one of your creditors and the amount fo the debt will be included in your bankruptcy.

We require our clients to change banks before they file and the new accounts are not permitted to have overdrafts (if they did they’d be cancelled by the bankruptcy anyway).

One of the purposes of bankruptcy si to give you a fresh start – you can’t do that if you are already in the hole for an overdraft when you are starting out…