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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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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Car

I finance a car through a bank and have 6 payments left owing on the car, now I have to declaire bankrupcy due to job loss and accumulating bills, my question is how can I do this without losing my car? can the bank take it away even though it`s estimated value is $5000.
or can I sign the car over to a family member, keep making the payments and declaire bankrupcy?

Posted from: Ontario

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One Response to “Car”

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

Because the value of the car is less than the exemption limit allowed in your province you have no need to worry about the car, it can be claimed as exempt and therefore will be protected from seizure and a bankruptcy won’t change this. So continue to make your payments, don’t worry and most importantly don’t transfer the car, or sign it to someone else as this is considered an offense under the Bankruptcy and Insolvency Act and can cause you significant difficulties.