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Bankruptcy Canada

I took a payday loan 5 days ago, and will file bankruptcy on coming Monday.
Does payday loan company will take money out of my account? please answer.
Thanks

Posted from: Alberta

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One Response to “Bankruptcy Canada”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

This will entirely depend on timing. If you file bankruptcy prior to your pay day then all your creditors, including the pay day loan company lose the right to take money out of your account. However, to guarantee this happens you should open a new account with an institution you don’t owe money to and stop using that account that is linked with the payday loan company. This is is the only way to ensure that it is stopped and no one tries to get at your money.