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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What options do I have

I have a home that I don’t live in and have had it for sale for more than a year. I have a truck loan through ford credit that I can’t afford to keep and have tried to make an arrangement for return or reduction in monthly payment. I have recently lost my job and started a new one that pays $2500.00 less clear per month. I am thinking of turning the keys of the house back to the bank and returning the truck to ford. What can I do?

Posted from: Newfoundland and Labrador

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One Response to “What options do I have”

A licensed trustee said...

To keep the house and/or truck you need to keep making the payments. You have the right to return the keys to either/both of these things to the lenders and they will then sell them to recover your debt. Whatever they can’t recover from the sale of the house or truck, they will try and collect from you…

If your plan involves filing bankruptcy or a consumer proposal, these debts will be included when you file.

I suggest you call a trustee in your area to discuss your options in detail BEFORE you make any decisions.