car loan after bankruptcy
June 4th, 2007 by Questions
if filing bankrupcy can I continue paying my car laon and keep my vehicle?
One Response to “car loan after bankruptcy”
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June 05, 2007 at 1:26 pm, Barton Goth GCO Bankruptcy Trustees said:
This is typically not a problem as long as you are currently up to date on the car loan and can afford to make the monthly payments. However, there is a caveat, this is the typical scenario but it is entirely up to the secured lender.
Technically a secured loan operates outside of the Bankruptcy and Insolvency Act, but the lender retains the right to seize the property simply as a result of the Bankruptcy. While this is not normal practice for most institutions, it is technically possible.
My recommendation would be to contact a local trustee local trustee and confirm how the lender in questions typicaly acts in yoru area, but chances are unless you dealing with the Royal Bank it isn’t abnormal.