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My debt is $45,000 part of that is my secured loan of $15,000 for my car that I finance with my husband(we are now separated). My question is what is the minimum payment I would need to pay(monthly) if I get a consumer proposal? and/or Would I lose my car if I claim bankruptcy?
Posted from: Ontario
A consumer proposal is usually the greater of what you’ve have to pay in a bankruptcy and about 1/3 of your unsecured debt. I can’t tell you what a bankruptcy might cost (not enough information in your question), but 1/3 of your unsecured debt should be $10,0000. If you offer a 5 year proposal your payment will be $167/month.
Regardless of a consumer proposal or bankruptcy, as long as your car loan is current when you file and you keep it current, the lender can’t repo your car.