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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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 Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Car loan

Hi, I have a car loan for $10,400. So far I have made 2 monthly payments of $224. .01 towards it. Is there any way I can file bankruptcy and still agree to pay my car payments? Will the leander cancel my loan and ask for the car back?

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One Response to “Car loan”

Barton Goth GCO Bankruptcy Trustees said...

Technically speaking this is up to the lender. A bankruptcy operates to deal with unsecured debt, but the average secured loan agreement gives the lender the right to call the loan and seize the property in question. This doens’t mean every secured lender is going to exercise this right, only that they have a decision that needs to be made.

In most cases, as long as you are current with the payment, the lender will prefer to see you keep the vehicle and make the payments as originally contracted. This will be an important topic to discuss with a local trustee as they will be able to provide direction on how best to proceed given the practices in your area and will likely have an idea of how the lender in question typically reacts.