Tag Archives: car and bankruptcy

What Happens To My Leased Car In A Bankruptcy?

11 Jul 2017

Bankruptcy and consumer proposal laws deal with a person’s unsecured debts – things like your credit cards, lines of credit, personal loans, income tax debts, etc, etc, etc. Bankruptcy and consumer proposals do not normally deal with your secured debts – things like your mortgage, car loan, secured lines of…

Common Debts Included In Personal Bankruptcy

23 Mar 2015

When looking at the reasons people file bankruptcy in Canada, similarities begin to emerge. Job loss, income reduction, illness and divorce are some of the most often cited reasons. But did you know that who you owe and how you accumulate debt can be a risk factor as well? We know…

Secured Debts In Bankruptcy: How Does It All Work?

23 Feb 2015

Most potential bankrupts who own a home or have a car owe money to a secured lender against those assets. We’ll explore how this affects how these assets, and their debts, are dealt with in a bankruptcy or consumer proposal in Canada. What are Secured Debts? Secured debts are those debts…

Voluntarily Giving Up Your Car in A Bankruptcy

06 Oct 2014

It’s not unusual for someone to find one of the reasons for their debt is having purchased beyond their means. In particular, we often see individuals who purchase more car or more home than they can afford. Could be their situation changed, or perhaps they over-purchased initially. Filing bankruptcy is…

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Can I Keep My Car in a Bankruptcy?

26 Jun 2013

Whether or not you can keep your car if you file bankruptcy depends on two factors. Do you own it outright? How much is it worth? Secured Car Loans and Leased Cars in Bankruptcy First, if your car is security for a car loan, you can keep your car, but…

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Bankruptcy in Canada with Vehicle with Co-Signer

04 Jun 2012

Question: I am considering bankruptcy in Canada, however I have a car and a loan with a co-signer. I have never been delinquent with my payments, it is my only mode of transportation to and from work. Am I able to keep making the payments on my car without it…