Bankruptcy Question & Answer Forum - Canada

Author:		CNA
Date:		August 30, 2005
Question:		We are a payday loan company and we have placed a lien on a debitors vehicle are we then considered a secured creditor?
From:		Bruce, Alger & Associates Inc.
Date:		August 31, 2005
Answer:		Whether you are a secured creditor or not would depend on whether the debtor had pledged the vehicle to you at the time of the loan and whether you have complied with all the requirements of the Personal Property Securities Act. Filing a writ as a result of a judgement does not make you a secured creditor. Bruce Alger phone: (403) 296-2970 balger@alger.ca