Just you will automatically lose your car because you file a personal bankruptcy does not mean.
Area 84.2(1) stops guaranteed creditors from repossession assets entirely since you file individual bankruptcy. Some other way if you default on the financing contract or security agreement.
Example: then the bank can repossess your car if you default on the repayments for your car or truck.
When there is equity (can be your automobile worth significantly more than the mortgage against your car or truck) then you'll definitely need certainly to spend that equity to your Trustee in Bankruptcy for the main benefit of your unsecured creditors.
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 an authorized insolvency trustee. We're skilled, hands-on press this link insolvency professionals whom comprehend the individual effects of major stress that is financial
You will not be stuck within an construction line process.
you are going to expect and get prompt reactions and resolution of dilemmas from our supportive and experienced team.
We're going to review the debt solution choices, including filing a customer proposition or individual bankruptcy.
We assist Canadians with overwhelming financial obligation get fresh starts that are financial.
As soon as you file a customer proposition or bankruptcy that is personal we deal straight along with your creditors for you.