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

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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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what would be my best option?

NOVA SCOTIA: My debt consellor told me to get rid of my car (year 2005, still owe 11,000), lease a car, then declare bankruptcy. This doesn`t seem right – wouldn`t I lose the leased car before the car i`m paying on now? Shouldn`t I keep the 2005 car? the bank would get more money having me keep it and continue paying on it than taking it to auction. What would be my best option in this situation? I need to have a car either way.

Posted from: Nova Scotia

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One Response to “what would be my best option?”

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

Without looking at the specifics it is difficult for me to tell you what the best option is, but I would assume that if you have sat down with a licensed trustee, they have suggested returning the vehicle and leasing another one, this will likely be the best approach.

I know you are worried that if you do you may loose the leased vehicle, but in most bankruptcies you have no risk of this happening. As long as you countinue making your lease payments they usually are not concerned with the bankruptcy.