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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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Can I keep my car?

I recently bought a used car in Aug/08. Its a 2004, I bought it for $7000 but, with insurance and interest my loan is for $18,000. Now my question is, will I be able to keep my car? I HAVE to have it for work so, I`m nervous. I have made all the payments and will continue to do so. I`m claiming bankruptcy for credit cards and high interest loans so, I`m hoping I can keep the car. Thanks for any help you can give me.

Posted from: Ontario

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One Response to “Can I keep my car?”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Typically most people who file for bankruptcy are able to retain their vehicle, as long as they continue to make the payments on their car loan. However, this partially depends on who the lender is. I would suggest you discuss this with a local trustee as they will be more familiar with how the local lenders would react.