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

"*" indicates required fields

Phone

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*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.

This field is hidden when viewing the form

Source

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.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

leased vehicles and bankruptcy

if we file for bankruptcy are our 2 vechiles we have leased included? can we choose to keep one and not the other?

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “leased vehicles and bankruptcy”

Barton Goth GCO Bankruptcy Trustees said...

Unless the leased vehicle is given back prior to the filing of a bankruptcy they largely operate outside of a bankruptcy. Meaning, that if you keep the car you must continue to meet the terms under the lease contract. However, if you give the car back and shortfall, that is the remainder of the loan after the vehicle is seized and sold, would be cleared by the bankruptcy.

To make things more confusing the lease company doesn’t have to leave the vehicle with you. The have the right opon the filing of a bankruptcy to seize the vehicle. This doesn’t mean they will seize the vehicle, just that they can, although in most situations I find the lender prefers for the debtor to keep the vehicle.

This is an important issue to discuss directly with a local trustee as it can often depend on whether or not your payments are up to date, whether or not you can afford to make the payments and the local practices of the lenders, all of things that the trustee will be able to help you out with.