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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 Loan

What happens to a secured loan, in this case a 5th Wheel Trailer. It was purchased two years ago over a 15 year period. I have never missed a payment on the loan. Will this be included in my bankruptcy or will I be permitted to keep it as long as payments are made?

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One Response to “Secured Loan”

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

If the creditor chooses not to seize the items (fore go’s their security) then the loan would be cleared by a bankruptcy and you are able to keep the furniture.

Now in practice we often find Citifinancial demands the property back. This doesn’t mean they want to seize the items listed, but the often will threaten to do so and then you may need to negotiate to be able to retain the furniture. In this negotiation you may have to offer them the equivalent of what you believe they would get for the furniture at auction, as that is where it would be sold. The key thing is whatever happens try to get confirmation in writing of any settlement that is agreed to.