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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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We dont want to loose a vehical

If we try a consumer proposal will they still want to take our only vehical that is worth over 5000 dollars?
And will this years tax return be left alone?

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One Response to “We dont want to loose a vehical”

A licensed trustee said...

Normally when you file a consumer proposal you retain posession of all of your assets (things like your car). The exception to this is if the car has been pledged as collateral for a loan: inorder to keep it you must continue to pay the loan.

If you own your car outright (there are loans against it) then the value of your car may impact the amount that you have to offer your creditors in a proposal. For example, in Ontario where I live, if your car is “free and clear” and worth less than $5,650 then it would be excluded from the calculation of what you’d have to contribute to a proposal. If it is worth $5,651 the entire amount would be included.

In regards to your tax refund, if you already owe the Canada Revenue Agency money then they have the right to apply this years refund to your existing debt. If you don’t owe them any money when nyou file a proposal then your tax refund should be forwarded to you.

Your question represents some pretty basic features about proposals – if you are at all unceratin of where you stand you should probably contact a local trustee to walk you through your options. Links to find a trustee are located to the side of the page.