April 3rd, 2007 by Questions
So Iï¿½m looking at turning over my truck to the financer. Since I can\’t afford to take taxi\’s ($40 one way) to work and require a vehicle for work, my father is piecing together a 1997 clunker to give me as I am flat broke and need a way to work. The van is not worth a whole lot; in fact, I think that it neighbors the $1500 mark as has about 350,000 clicks on it.
The problem lies herein:
In Nova Scotia you are held responsible for the short fall on your car loan; in my case about $10,000. If I am not able to work out an arrangement to make affordable payments on this shortfall, I am looking at going bankrupt. Will I lose this Van and my only way to work… ( PS I am a manager at a local retail outlet that needs transportation for bank deposits and to pick up supplies for the store- my wife is on call nights and we live about 25 minutes highway driving from her employer and this is a shared vehicle)
2) Can the shortfall on a secure loan be included in a consumer proposal?
If I read the information right I can keep a car worth 6,500 or less in NS if i need it for work or 3,000 if its not needed…