Do you want to lose your vehicle in the event that you file bankruptcy

Do you want to lose your vehicle in the event that you file bankruptcy

Simply as you file your own bankruptcy does not always mean you will definitely automatically lose your car or truck.

Part 84.2(1) prevents guaranteed creditors from repossession assets entirely as you file individual bankruptcy. Some other way if you default on the financing contract or security agreement.

Instance: if you default on the repayments for the vehicle then your bank can repossess your vehicle.

Then you will need to pay that equity to your Trustee in Bankruptcy for the benefit of your unsecured creditors if there is equity (is your car worth more than the loan against your car.

You should contact a Trustee in Bankruptcy (Licensed Insolvency Trustee) to review your options if you are having difficulty paying your debts.

Powell Associates Ltd. is just A licensed insolvency trustee. We have been skilled, hands-on insolvency professionals whom realize the individual effects of major economic anxiety;

You’ll not be stuck in a construction line procedure.

You will definitely expect and get prompt reactions and quality of problems from our supportive and team that is experienced.

We’re going to review your financial troubles solution choices, including filing a customer proposition or bankruptcy that is personal.

We assist Canadians with overwhelming financial obligation get fresh economic begins.

As soon as you file a customer proposition or bankruptcy that is personal we deal straight along with your creditors in your stead. Your unsecured creditors are expected to stop calling you or continuing appropriate procedures against you. E mail us for the consultation that is free.

We provide free consultations to examine your financial predicament and practical financial obligation quality choices. Call us to talk about your position within the phone, a video clip talk, or in-person in Saint John, Moncton, Fredericton, Charlottetown, Dartmouth, or Miramichi. (more…)