sue or seize on conditional sales contract
October 31st, 2010 by Questions
We are aware of the Sue or seize law in Alberta under a conditinal sales contract for a vehicle loan. BUT how do we know which one will take place?? Our truck is only worth $25,000 but the loan is at $42,000 owing still!! Are they going to sue or seize the vehicle from us? If they sue….(get a judgement for payment), and garnish wages for it, what is the percent of wage they take??
Posted from: Alberta
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November 01, 2010 at 8:04 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
The biggest difficulty with Conditional Sales Contract’s in Alberta is you never know what a creditor is going to elect to do, and as it is up to the creditor there really is no way to know with any certainty. But whenever you have questions about a conditional sales contract, these are best directed to a lawyer.
As for the garnshment, in Alberta most creditors have to follow the 8-24 rule. Meaning anything under $800.00 they can’t touch, anything between $800.00 and $2400.00 they can seize %50 and anything above $2400.00 they can take 100%. These 12 and 24 limits are increased depeding on the presence of dependents.