Car Lien after Consumer Proposal
March 30th, 2011 by Questions
After the successful completion of a consumer proposal, what happens to a car with a lien on it? The car in this case was used to secure a loan from one of the creditors before the proposal. I understand that the lien would still be in effect (no protection from the proposal). If I am unable to sell the car with a lien on it & just give it to the creditor, could this repayment obligate me to further payment to them by opening up the statute of limitations, or does the Consumer Proposal protect me from owing them anything but the car (worth much less than the lien amount)?
Posted from: Ontario