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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 have to give up my car?

hi there, i was thinking of bankrupcy although im not sure bc i took out a line of credit and am pretty sure my car (which has always been registered under my moms name) is used as collateral, but its not in my name can they take it?

Posted from: Ontario

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One Response to “will i have to give up my car?”

A licensed trustee said...

If you pledged your car as collateral for a loan when it wasn’t in your name then things may become complicated. If it was in your name when you took at the loan and then you transferred it to someone else then that might also cause some trouble – although it likely means the bank didn’t bother to register a lien on the car.

So, go buy a $20 used vehicle package for your car at the MoT. It will show you whether or not there are any liens on it. If there aren’t any liens then as long as it is worht less than $5,650 you can keep the car even if you file for bankruptcy.

If there is/are lien(s) then you’ll need to keep making your payments if you want to keep the car.