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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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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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Secured vehicles

I have two vehicles secured in my name one mine and the other I co-signed for, but, he makes his own payments. If i went with a consumer proposal to pay all my other debts, would this affect the two vehicles. We have only been making payments on them for several months

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One Response to “Secured vehicles”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

In most circumstances secured creditors have had no real issue with allowing a debtor to continue making payments of vehicles even when a consumer proposal has been filed. Having said that, the filing of a consumer proposal is seen to be an â€œact of defaultâ€ and give the secured lender the ability to decided whether or not they will allow the consumer debtor to keep the vehicle or not. Typically, as long as the payments on the vehicle are up to date, there has been relatively little concern demonstrated by the lender, but if there is a history of missed or late payments you see the risk of the lender repossessing the vehicle increase substantially. As the lenders with in each institution and local area tend to have different practices I suggest contacting a trustee to go over all the details in your current situation and they will be able to give you an idea of what can be expected in your region.