chattel mortgage on personal loan
January 25th, 2006 by Questions
I was recently divorced, (in Ontario) and ended up with about 25000 in debt from the whole process, I have a decent paying job that I have been doing for about 10 years. I am going to have to start paying child support and under the guidelines, it works out to be a little more than a 1/3 of my pay. Due to my debt load, this would leave me with no money to pay rent or eat so I decided to start looking into bankruptcy options.
One of the loans I have, has what’s called a “chattel Mortgage”. Which consist of my car (worth 1000 bucks) and various electronics. ($1000)
Some people told me that these items could be seized by the finance company? Is this true?
If I do file for bankruptcy, am I able to work something out with the finance company (citi financial) regarding my chattel mortgage items? Maybe keep paying the loan? Or do I just have to take it like a man and start thumbing 30 miles to work.
Thanking you in advance for your advice.