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considering personal bankruptcy in Canada

I have a lot of credit card debt.I do not have many assets. I am currently leasing a car through GM . The lease is for 5 years .I leased the car 2 years ago.I am up to date with the car payments and would like to continue. Can another creditor seize it? I was speaking to a creditor and they asked me if I had a house or car. I do not have a home but I do lease a car.They told me if I don’t pay them immediately they may seize it .If they do take it will I have to keep paying the lease for the 3 years?

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One Response to “considering personal bankruptcy in Canada”

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

While technically it may be possible, it would be very difficult for another creditor to seize a leased vehicle, I don’t see any reason for you to be concerned. As for the various credit card debt I would recommend you destroy the credit cares immediately and unless you are able to quickly make a significant dent in the existing balances you should contact a licensed trustee and develop a plan to get things back on track.