FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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How can we help you?

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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Will I lose my car?

I have to file for bankruptsy, but I have a car loan. Will I have to lose my car if I file? I am worried because I have a child and need to drive to work and babysitters. I still owe on the car approx. what it is worth. ($8,000)

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One Response to “Will I lose my car?”

A licensed trustee said...

The answer depends on what province you live in, and who you owe the money to on your car.

You can click here for a list of bankruptcy exemptions in each province in Canada.

You should consult a trustee for information on which lenders in Canada automatically seize your car if you go bankrupt, and which don’t. (I will not put a list of each bank in this blog, for fear that the banks will want to sue me for revealing how they treat their customers in financial difficulty).