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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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vehicles – leasing/purchasing

A few questions on vehicles. If our lease is due to end. Should we file for bankruptcy before it ends? And try to finance a vehicle while we have a bit of a chance? File for bankruptcy while the lease is good then try for financing a vehicle. My worry is we will not be approved for anything after filing. Also if we own one vehicle, over 7 yrs old and worth under 10000, what happens.
THANK YOU

Posted from: Ontario

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One Response to “vehicles – leasing/purchasing”

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

This is a difficult question to answer without knowing the current state of your credit. Often people find it just as difficult to finance a vechile before the filing of a bankruptcy (due to the high percentage of debt being carried) as they do after the filing of a bankruptcy (due to the blemish on their credit that a bankruptcy provides).

So you have to look at the specifics of your situaiton and determine which avenue you will be most likely to be approved in.