FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Company

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*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.

This field is hidden when viewing the form

Source

How can we help you?

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.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Mark

I owe 44000 on my truck and due to economical circumstances can`t afford the payments. I have been trying to sell it for 30000 since the finance company will let me out of it for 32000 but can`t find a buyer. My question is If I tell them to take it back will they sell it at a auction and I will have to pay the difference? or will I be rid of it and take a R9 on my credit?

Posted from: Alberta

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Mark”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If you sent the truck back you will find two things will happen. Firstly a reposession typically results in an R8 listed on your credit bureau. Second, the vehicle will be sold at auction, the sale proceeds will be used to first cover the costs of sale and repossession, then to pay off as much of the loan as possible. However, if the sale proceeds are not sufficient enough to pay the loan in full, you will be responsible for the remaining balance.