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 Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Will I lose my car?

I just purchased a used car in August. The total cost of the vehicle was $18,000.00. Its the only car I own and I would require it for everyday travel and for work related purposes. Would I lose my car if I filed for bankruptcy this month in Nova Scotia?

Posted from: Nova Scotia

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One Response to “Will I lose my car?”

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

Unfortunately, there is not enough information to answer this question as the answer will depend on a number of things, including
a) Is there a loan against this car?
b) How much is the loan for?
c) Are you up to date on the payments with this loan?
d) What do you think the care is worth now? (i.e. what could you sell the car for today).

As you can see there are a number of things this depends on, so you are best to contact a local trustee with the above information and they will be able to advise you how this vehicle will be treated should you file for bankruptcy.