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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I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

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Should I declare?

I am making the final two payments on my car and I will own it outright. However, I have racked up over $20,000 in credit card debt and have a $5000 line of credit. I am strongly considering declaring bankruptcy so I can start again without the cripling debt payments but am worried they will sell my car which is my only asset.

Posted from: Ontario

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One Response to “Should I declare?”

A licensed trustee said...

Whether on not you may keep your car if you own it outright and file for bankruptcy depends on the value of your car. In Ontario, you are allowed to keep a car worth up to $5,650 when you file for bankruptcy. If you car is worth more than that amount then you’ll be required to make payment arrangements with your trustee if you want to keep it – otherwise it will be sold for the benefit of your creditors.

Find out what your car is worth and give a trustee a call to discuss your options.