FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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Mrs. Shirley

I am considering claiming bankruptcy for the first time (does not include my spouse as the debts are the `baggage` that I brought with me into our relationship).
His cousin Myra, helped us with purchasing a new (to us) vehicle – a 2004 Honda Civic (paid for it out of her line of credit and my spouse is making the payments to her).
My spouse is concerned that if I claim bankruptcy, our vehicle will be taken away because it is in my name. Are his concerns valid?
Will the bankruptcy law/trustee consider our vehicle to be an asset and used to pay off my $30, 000 debt load (which includes students loans-nearing 10 years old, unsecured department stores and bank credit cards)?
(Note: We are not home owners and we have a child.)

Posted from: Ontario

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One Response to “Mrs. Shirley”

A licensed trustee said...

If the c ar is worth less than $5,650 then you don’t need to worry as it is exempt from seizure in a bankrutpcy (ie it can’t be taken from you).

If is worth more than $5,650 then the simple solution is for your cousin (the one that loaned you the money) to put a lien on the car. A line is a legal term which means she is claiming a right to the acr before anyone else until her loan has been repaid. She’ll need a lawyer to do this for her, but it won’t cost very much to do.