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Does my car get paid for through bankruptcy?

I am considering bankruptcy and am just wondering if my car gets paid for? Does the bankruptcy `people` pay for it? or does it go unpaid?

Posted from: Ontario

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One Response to “Does my car get paid for through bankruptcy?”

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

Your car loan will not get paid by the bankruptcy people. If you have pledged your vehicle as security against a loan you will have to arrange with the company holding your car loan to continue to make payments or they will seize the vehicle. If they seize the vehicle then the car loan will be cleared, but if you keep the vehicle you will still be responsible for the car loan.