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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How can we help you?

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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Can I keep my vehicle if I file for Bankruptcy?

If I file will need to keep my cars . Will I be able to do this ?
Need the car to get to work and there is no bus system that runs in my town the where i work .
I am not behind in my car payment . i am behind in credit card and a little on my rent

Posted from: Ontario

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One Response to “Can I keep my vehicle if I file for Bankruptcy?”

Barton Goth GCO Bankruptcy Trustees said...

If you file a bankruptcy and would like to keep your vehicle there are two things that become important. First the available exemption in your provinces (and in Ontario it is $5,650) and whether or not you have a secured creditor who has an interest in the vehicle.

From the sounds of it you do have a secured creditor as you are making payments, so as long as the secured creditor has no problem with you continuing to keep the vehicle and make payments as originally contracted then you should have no problem there. We find most secured creditors prefer this, but there are some exceptions so you should contact a local trustee to determine how your the company that has provided your financing typically operates.

The second consideration is the equity you have in the vehicle (value less the loan), as long as the equity doesn’t exceed your provincial limit you won’t have any issue with the trustee.