Secured Loans
May 14th, 2013 by Questions
I have a secured bank loan that is secured by my vehicle. I recently had it taken away and had to pay about $1200 over and above my arrears to get it back. I have been talking to a Licensed Insolvency Trustee about my options and I have been told that because my bank loan does not have my full name on it that they weren’t allowed to take my car in the first place and that I can include my bank loan in a bankruptcy or consumer proposal without fear of losing my car and I can write off that bank loan in the bankruptcy. I am wondering how accurate this is and if it is accurate can I get that money back somehow that I had to pay when they took my car.
Posted from: New Brunswick
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May 14, 2013 at 2:05 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
I would proceed with caution. In Alberta there is a quite a bit of case law that suggests small mistakes make when registering or documenting car loans do not alone make the loan invalid or unsecured. Now this is based on interpretation of Alberta statutes, and New Brunswick would have their own legislation and case law in this regard, but I would potentially recommend that you get a legal opinion to make sure.