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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Voluntary Repossession of Leased Vehicle

I entered into a voluntary repossession agreement with the leasing company of my vehicle. I was told by the leasor that the vehicle would be accepted back, it would be sold, and then I could be liable for any loss. Is this true? In BC the law is sieze or sue is it not? If it becomes the case, is bankruptcy an option? I am unemployed on EI benefits.

Posted from: British Columbia

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One Response to “Voluntary Repossession of Leased Vehicle”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Firstly, seize or sue legislation applies only to Conditional Sales Contract’s and not your standard lease of finance agreement. Additionally, if you voluntarily return the vehicle then even if we are dealing with a Conditional Sales Contract the lender may retain the right to take the vehicle and still sell it, so you are best to consult with a lawyer if you are concerned about what actions a creditor can or can’t take. If you are liable for the shortfall and may have to look into bankruptcy in more depth. For reference, a bankruptcy would be an option, irrespective of employment status.