Scott, Pichelli & Easter - Licensed Insolvency Trustee, Hamilton, Burlington, Oakville, Stoney Creek 
Scott, Pichelli & Easter

 

Bankruptcy and Proposals - Questions & Answers

Bankruptcy and Proposals - Questions & Answers


Do I lose my Car in a Bankruptcy or Proposal?
Many people who file for bankruptcy in Ontario own or lease a car and they need their car for work or for personal reasons.

The good news is, in Ontario if you own a vehicle, and it is worth six thousand six hundred dollars (6,600.00) or less, you get to keep it. Even if it’s worth more, you can still keep your car by paying the difference to the trustee.

If you have a lease or a car loan, you can still keep your vehicle as long as you can keep current on your payments. Although it doesn’t happen often, sometimes people decide that their car payments are just too much. If you want, you can give your car back to the lender and let bankruptcy eliminate any balance you have owing.

When you meet with Joel Easter or Peter Pichelli, they will explain how your car, or any other assets are affected by filing bankruptcy.

Related:
Bankruptcy and my future, how will it be affected?
How does bankruptcy affect my house?
What are the new bankruptcy surplus limits for 2016?
What is a Licensed Insolvency Trustee?
Why should you consider consulting an licensed insolvency trustee?

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