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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Car

My ex and I have a car loan in both our names. If we are 1 or 2 payments behind and I alone claim bankruptcy or a consumer proposal will I lose the car?

Posted from: Ontario

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One Response to “Car”

A licensed trustee said...

Whether or not you get to keep the car is up to you and the lender. If you are behind in your payments when you file for bankruptcy then the lender has the right to take the car, but frankly they don’t want it. If they take the car whatever you still owe them will be included in the bankruptcy…

Of course your best course of action is to make sure the car payments are up to date when you file then they no longer have the right to take the car.