2009-11-30
Many lenders are comfortable with an individual keeping their financed or leased vehicle after declaring bankruptcy, as long as the lease or loan payments are kept up-to-date and all other terms of the financing agreement are honoured. You mentioned that you just signed the financing papers. We have had instances where the individual has obtained the vehicle financing just prior to filing bankruptcy and the lenders have allowed them to continue on with the financing arrangement - i.e., keep the vehicle and continue with the monthly payments. Different lenders have different policies, and their willingness to continue with the arrangement depends, in part, on your history with them and other factors. So, although no trustee can guarantee that you'll be able to keep the vehicle, lenders are often receptive to this. Judy Scott Meyers Norris Penny Limited Port Moody, Burnaby 604-949-2113 [email protected]
2025-04-25
Debt collection can be a daunting experience for many Canadians. Navigating the process alongside MNP’s team of experts can help you better understand how it will impact your credit score and gain the knowledge needed to maintain your financial health well into the future.
2025-04-24
Filing a Consumer Proposal can feel overwhelming, but it’s not the end of your financial journey.
2025-04-16
Alternatives to Bankruptcy Bankruptcy
How can you reduce food waste? These strategies can help benefit both the environment and your bank account.
