February 9th, 2009 by Questions
I am looking at having to file a division 1 consumer proposal and if not approved than i will be bankrupt. My husband and i both need to do this. If we go bankrupt separately can we keep both vehicles. We are financing both and still owe more than the vehicles are worth. Do most lenders allow you to keep your vehicle if you go bankrupt?? We currently finance through TD bank and Chrysler financial
Posted from: Manitoba
One Response to “vehicles”
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February 09, 2009 at 9:55 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Technically both of your secured lenders could seize the vehicles if you file for bankruptcy. But historically most lenders do not want to do this and it only becomes a concern if you are dealing with Royal Bank or if you are behind on your vehicle payments. So if neither of these two factors are present in your situation I don’t think you need to worry. However, I would recommend you consult with a local trustee just in case local practice varies from what I see.