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Debt Consellor`s Advice – need second opnion

NOVA SCOTIA: My debt consellor told me to get rid of my car (year 2005, still owe 11,000), lease a car, then declare bankruptcy. This doesn`t seem right – wouldn`t I lose the leased car before the car i`m paying on now? Shouldn`t I keep the 2005 car? the bank would get more money having me keep it and continue paying on it than taking it to auction. What would be my best option in this situation? I need to have a car either way.

Posted from: Nova Scotia

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One Response to “Debt Consellor`s Advice – need second opnion”

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

This is really going to depend on things like what the current market value of the car is, how reliable the vehicle is, what type of interest you are paying on the car loan, what type of interest you could qualify for with a lease, your ability to make the existing car payments.

Depending on those questions it may be a good strategy to return the vehicle. You are right that the bank may loose more money if this is done, but if giving the vehicle back reduces the likelihood of you having struggles in the future it may be worthwhile. At this point I think your best strategy is to contact a local trustee and have them look at the details surrounding the car.