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personal loan on vehicle.

I have a vehicle worth approx 12000.00 and i owe 8000.00 on a personal loan from a friend. What happens to my transportation if i declare bankruptcy.Our agreement has me paying 500.00 per month.
Thank You.

Posted from: Alberta

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One Response to “personal loan on vehicle.”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

If this loan is properly documented, properly registed under the PPSA and can be substantiated (i.e. can trace the money’s used for the purchase of the vehicle directly back to your friend) then you shouldn’t have any problems. Otherwise, this will be viewed as an unsecured loan, the vehicle your asset and there will be $7,000 of non-exempt equity that would have to come into the bankruptcy estate.

For more information on this you should use the links below and contact a trustee in your area. Secured assets are unique and can be difficult to fully explain via this type of blog format.