FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Vehicle Question

I am considering going bankrupt but I am unsure of what to do about my vehicle. I bought a used vehicle a couple years ago and it is now starting to need high maintenace but I still owe around $5000.00 on it but I need another car to get to work and back as I live in a rural setting with no bus system. Should I attempt to buy a car before I go bankrupt or perhaps lease one and then attempt to go bankrupt or go bankrupt and try to get another vehicle?

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One Response to “Vehicle Question”

A licensed trustee said...

Either strategy works – if you want a newer car it may be easier to obtain financing (or a lease) prior to filing, BUT make sure you let the dealter know of your intention to file. There are a few lenders that will repossess your car (even if you only just picked it up) if/when you file bankruptcy.

The other option is to buy a “beater” and hope that you don’t get stuck with high repairs.

Unfortunately, there is no “right” answer, but it is not uncommon to go and find a dependable vehicle before you file, if that’s the way you are leaning.