June 4th, 2007 by Questions
if filing bankrupcy can I continue paying my car laon and keep my vehicle?
June 05, 2007 at 1:26 pm, Barton Goth GCO Bankruptcy Trustees said:
This is typically not a problem as long as you are currently up to date on the car loan and can afford to make the monthly payments. However, there is a caveat, this is the typical scenario but it is entirely up to the secured lender.
Technically a secured loan operates outside of the Bankruptcy and Insolvency Act, but the lender retains the right to seize the property simply as a result of the Bankruptcy. While this is not normal practice for most institutions, it is technically possible.
My recommendation would be to contact a local trustee local trustee and confirm how the lender in questions typicaly acts in yoru area, but chances are unless you dealing with the Royal Bank it isn’t abnormal.
Log in to Reply
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.