no assets

March 17th, 2011 by Questions

I am concerned about claiming bankruptcy, I have no assets and am in dept in the appropriated amount of 25,000. This is not something I planned, but at the moment have no job and haven’t in months. I moved to another province to help a family member.
In this dept there is a car loan, however the transmission went in the car a few months ago, and in order to buy groceries I had to sell it, Mind you the loan is for 8,500 and I did not receive this amount when I sold it. How will this effect me in my claim?

Posted from: New Brunswick

Questions

One Response to “no assets”



March 17, 2011 at 5:35 am, A licensed trustee said:

A couple of things for you to check:
1) when you moved to the new province did you notify the lender so they could register a new lien on the car in the new province?

2) if you did not notify the lender when you moved you should check the loan registry in your old province to see if they registered a lien there when you bought the car.

If they did not regoster a lien when you bought the car then there are no issues with your selling it. If they did register a lien and you failed to tell them that you moved out of province then you will likely be required to pay the lender an amoutn equal to whatever you sold the car for.

Your trustee will be able to explain all of this in greater detail BEFORE you file. It may complicate things a little bit, but it can be sorted out.

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