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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 loan and bankruptcy?

I have a car loan that is still in effect and I was wondering, if I declare bankruptcy will my vehicle be returned to the finance company?

Posted from: British Columbia

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One Response to “car loan and bankruptcy?”

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

You are not required to return your vehicle when a bankruptcy is filed. Assuming you can afford the payments you do have the option to keep the vehicle and continue to make your payments, but the choice is up to you (assuming you are current on your payments right now, if you are behind the finance company may choose to seize the vehicle, but this is as a result of the arrears not a result of the bankruptcy).