January 8th, 2009 by Questions
I am seriously thinking about a credit proposal, I own my own vechicle I have been paying it off faithfully never missing any payments. I have only 1068.00 to pay on my car loan and it is paid off. Do I get to keep my car I have to get to work and back and travel out of the city everyday in order to get there. Does the vechicle have to go on the proposal even though it is almost paid off. I also have a co-signer on my car loan and I don`t want to effect them in any way it is not fair and is in poor health.
Posted from: Ontario
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January 09, 2009 at 10:07 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
In most situations vehicles are not impacted by the filing of a consumer proposal. The only time you will really have a concern is if you vehicle has more equity than is allowable in your province (for Ontario I believe this is $5650). As long as your under this amount of equity the car will be listed, claimed exempt and you will be able to continue to use the vehicle as normal. For more information on this I suggest you contact a local trustee.