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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 Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Car Purchase – Consumer Proposal

Last month I purcahsed car with full financing. If I file for consumer proposal next month, will I still be able to keep my vehicle? I am up to date on all the payments. I ‘m concerned that this recent purchase and now proposal will look bad to my creditors and possibly they could say no, I can’t keep the vehicle. The vehicle is financed with one of the banks where I have Line of Credit of $24,000 outstanding. I’ve been making all of my minimum payments. I do not want to give up the vehicle and have a budget to show I can afford the payments if a proposal is accepted.

Posted from: Ontario

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One Response to “Car Purchase – Consumer Proposal”

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

There shouldn’t be any problem with this as the consumer proposal is really designed for the unsecured creditors. The only thing that could potentially be an issue is if you had a large down payment put down on the purchase of the vehicle. If there was a large down payment the creditors would likely be concerned that you used funds that shoulld have gone to them for the purchase of the car, but otherwise I wouldn’t anticipate any difficulties.