Connecting You with Trusted Licensed Insolvency Trustees – We’re Here to Guide, Not Decide. Learn More

Free Consultation

Alberta bankruptcy law

do you know if in Alberta, if i owe 25000 on the car and they sell it for less will i still have to pay the difference? a repossession lady told me i wont ecause live in AB. is there any special laws here? thank yo

Posted from: Alberta

One Response to “Alberta bankruptcy law”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

In Alberta there is a seize or sue law that exists in connection to a Conditional Sales Contract. This is a contract that can be used when someone buys a vehicle that upon default gives the lender the choice of seizing the vehicle or suing the debtor. In Alberta this legislation stipulates that you can only do one or the other, not both.