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

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wondering

I have a personal loan for my car..the amount owing is about the same as the current book value. The loan is secred by my car. The amount owing and book value add up to less than the amount allowed for Ontario..will i lose my car in the bankruptcy

Posted from: Ontario

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One Response to “wondering”

A licensed trustee said...

Right now, the company (or person) that loaned you the money to buy the car and then registered a lien against it has the right to take the car from you if you file for bankruptcy. As of Sept 18 they will no longer have this right as some major changes to bankruptcy law are about to come into force.

Assuming you maintain your payments and the lender allos you to keep the car, then no one else has the right to take it form you. Call a trustee if you’d like this explained in greater detail.