Is the LOC from my Mom considered unsecured debt?
November 21st, 2014 by Questions
Last year my mother gave me use of her line of credit to purchase a new vehicle. Will this be considered unsecured debt and included in a consumer proposal? I pay a monthly amount to her for the vehicle just as if it was a car loan. I know that she can register the vehicle under the PPSA to ensure she gets her money or the vehicle back. Would you recommend that prior to consumer proposal and will that be enough to protect the asset?
Also, if you file for a consumer proposal, can your creditors force you into bankruptcy if you are not behind on any bills? I have a lot of debt and I make the payments every month but the debt just never gets smaller.
Posted from: Ontario