Secured Loan no equity
May 5th, 2012 by Questions
Can creditors request that you dispose of a secured loan (not house or car but not an essential item like a snowmobile) that has no equity that i am currently working 2nd job to pay off. In other words, I would be better off quiting 2nd job if I had to give up the secured loan.
Posted from: Ontario
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May 05, 2012 at 9:02 pm, A licensed trustee said:
You ahve the right under the law to continue to make your payments on secured debts if you file for bankruptcy or a consumer proposal.
Having said that, if it is not an “essential item” does it make sens eto work a second job to pay for it? If it is a “thing” you can always buy another later when your bankurptcy or proposal is over. Your trustee won’t tell you what to do, but they will ask you to consider very carefully whether or not keeping this “thing” makes sense…