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repossion of car

I`m 5 payments behind and turned down by creditor for catch up plan I have just started a debt resettlement for other debts, Is the
car`s creditor obligated by a debt settlement or bankruptcy to allow a new arrangement.

Posted from: Ontario

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One Response to “repossion of car”

A licensed trustee said...

No they are not. If your payments are current when you file for bankruptcy or a consumer proposal then the finance company cannot repossess your car. If you are behind in your payments (like you are) then they are not required to accept a new deal, or to allow you to catch up – they may repossess the car immediately.