2025-08-25
Owe the CRA money? Steps to help you get back on track
Owing the government money can be very intimidating as it's assumed the government has a limitless ability to collect the debt through any means necessary.
2011-05-12
If the consolidation loan is a lot higher than the value of your car, and if you do a bankruptcy, you can stop making the payments on the loan and the lender will usually seize the car. In many cases, if you want to keep the car in a bankruptcy and continue making the payments on your car loan, you're able to do that. In your case you might not want to do that, given the high amount of the debt. In BC, there is a "seize or sue" law that applies to "consumer goods". If you never used the car for business, it would probably qualify as a "consumer good". That means if you default on your the loan that is against your car, the lender has two choices - they can seize your car, in which case that means that the entire debt against the car is gone. If that was your only debt, you wouldn't need to do a bankruptcy. The other choice the lender has if you default on your payments (and if you're not in bankruptcy) is that they can sue you for the full amount of your loan, but give up their rights to the car (although they might be able to still take the car under a court judgment if the car is worth more than $5,000). If you have any questions, feel free to give me a call or send me an email. Judy Scott - Trustee Surrey, Abbotsford, Maple Ridge, BC 604.949.2113 [email protected]
2025-08-25
Owing the government money can be very intimidating as it's assumed the government has a limitless ability to collect the debt through any means necessary.
2025-08-14
Vacation costs can add up quickly without proper planning. This guide can help you budget so that you can make the most of your trip without overspending.
2025-08-05
Bankruptcy Consumer Proposal
Losing your job can be frustrating and, even more so, managing your financial wellbeing while you’re unemployed. However, you can successfully navigate the situation with the right budgeting tips.