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 Loan/ RESP

I have a vehicle and I am confused whether I get to keep it or not. I am on a 5 year term and half way through it. Does it get repossessed? If not, do I get to keep the vehicle without making the payments once I go bankrupt?
Also, I have 4000 in RESP for my granddaughter. What will happen with that?

Posted from: British Columbia

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One Response to “Car Loan/ RESP”

A licensed trustee said...

If the car was pledged as security for the loan then in order to keep the car you must keep making the payments. If you don’t make the payments then the lender has the right to seize the car.

If you are filing bankruptcy then the money you have in RESPs may be seized for the benefit of your creditors. Most trustees will allow you to pay an amount equal to the cash value of your RESPs over a period of time rather than actually cashing them in if you file for bankruptcy. In that way, your creditors still receive the moeny they were entitled to, while your grand daughter still has the RERSPs to use for school later.