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

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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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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General questions..

Can anyone provide the answers (or even some answers !) to these questions ?

1. How can I keep my car if the actual value is over 5000 $ ? Its worth around 6000 $ .

2. Does bankruptcy really hurt me ? If so, how ?

3. Can I enter into a consumer proposal and if it doesn’t work out (i.e. if I can’t afford the payments) can I stil choose bankruptcy ?

Thanks !

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One Response to “General questions..”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

1. The easiest way to keep your car is to simply provide $1000 to your trustee in lieu of the $1000 non-exempt portion of the equity.

2. The major downside of a bankruptcy is the impact on your credit rating (R-9 listed for a maximum of 6 years from the date your discharge) which can influence your ability to obtain credit in the future.

3. You can definitely enter into a consumer proposal and file a bankruptcy if it doesn’t work out. The downside of doing so is simply cash out of pocket. Any money you put into a proposal you forfeit, the monies will be distributed to your creditors and your trustee and should you enter into a bankruptcy you do not receive any financial benefit from the funds used in the proposal.

If you have any additional questions click on the Find An Expert link on the right hand side of the page to contact a local trustee, he will be able to review your situation, and help you to determine the best course of action to follow.