http://www.bankruptcy-canada.ca/debt-settlement/2009/11/voluntary-repossession-of-leased-vehicle.html Personal Bankruptcy Canada Blog Fri, 10 Feb 2012 15:23:44 +0000 hourly 1 http://www.bankruptcy-canada.ca/debt-settlement/2009/11/voluntary-repossession-of-leased-vehicle.html#comment-112015 Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy Tue, 01 Dec 2009 14:05:44 +0000 http://www.bankruptcy-canada.ca/debt-settlement/2009/11/voluntary-repossession-of-leased-vehicle.html#comment-112015 Firstly, seize or sue legislation applies only to Conditional Sales Contract's and not your standard lease of finance agreement. Additionally, if you voluntarily return the vehicle then even if we are dealing with a Conditional Sales Contract the lender may retain the right to take the vehicle and still sell it, so you are best to consult with a lawyer if you are concerned about what actions a creditor can or can't take. If you are liable for the shortfall and may have to look into <a HREF="http://www.bankruptcy-canada.ca/whatIsBankruptcy.htm" rel="nofollow">bankruptcy</A> in more depth. For reference, a <a HREF="http://www.bankruptcy-canada.ca/whatIsBankruptcy.htm" rel="nofollow">bankruptcy</A> would be an option, irrespective of employment status. Firstly, seize or sue legislation applies only to Conditional Sales Contract’s and not your standard lease of finance agreement. Additionally, if you voluntarily return the vehicle then even if we are dealing with a Conditional Sales Contract the lender may retain the right to take the vehicle and still sell it, so you are best to consult with a lawyer if you are concerned about what actions a creditor can or can’t take. If you are liable for the shortfall and may have to look into bankruptcy in more depth. For reference, a bankruptcy would be an option, irrespective of employment status.

]]>