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

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Car Loan

If I go bankrupt, I just got a car loan 6 months ago before I realized that I had a huge amount on my student loan that I have no way of paying. What will happen to my car in the bankruptcy…since I have only made 6-7 payments on it and it isnt mine yet and I have another 4.5 years to pay on it??

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One Response to “Car Loan”

Barton Goth GCO Bankruptcy Trustees said...

Technically the secured car loan operates outside of the bankruptcy. However, due to the way lenders word the security documents they have the right to call the loan upon an “Act of Default,” which they typcially define as either missing payments (the most common one) but also includ the filing of a bankruptcy.

The result is that it is up to the lender. They can choose to call the loan and seize the vehicle. However most lenders prefer to allow you to keep making payments on the vehicle.