New loan

June 15th, 2009 by Questions

I got a loan from a bank to pay off my debts about 5-6 months ago with a $500 a month payment. I lost my job and currently on EI and unable to pay that loan , can I file for bankruptcy?

Posted from: Ontario


One Response to “New loan”

, A licensed trustee said:

Yes, you can. Assuming you properly disclosed all of your debts when the bank gave you the loan there won’t be any problems – the bank knew you were borrowing to consoldiate and it’s just a “sign of the times” that you’ve lost your job – you certainly aren’t alone these days… this has become a common problem for people right now.

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