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

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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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Concerned

I consulted a trustee and expressed a profound concern that my current car, which is 10 yrs old and in very bad shape would not pass the new inspection laws in 2012. But that by being in bankruptcy, I could never get a loan for a new car. Without a car, I could lose shared custody of my daughter because I couldn’t take her to school (another city than residence).
She said to purchase a brand new car before filing bankruptcy because it would last the duration of my bankruptcy and if I keep making all those payments in full, a law passed in 2009 says that the bank that is financing the purchase cannot take it away if payments are respected. – Is this true ? What law states this ?

Posted from: Quebec

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One Response to “Concerned”

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

The trustee you met with is correct, amendments to the Bankruptcy and Insolvency Act that came into force on Sept. 18, 2009 stipulated that a vehicle cannot be seized simply due to the filing of a bankruptcy.