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]
2025-06-19
With the school year beginning and thousands of Canadian students beginning a new semester of post-secondary studies, all those hard-earned dollars from summer gigs are now being applied to tuition, books, transportation, housing, and supplies.
2025-06-18
The cost of daily goods has been rising over the past few years — increasing the price of food, gas, clothing, and many other essential items that Canadians need in their day-to-day lives.
2025-06-16
Bankruptcy Alternatives to Bankruptcy
Let’s review what a Consumer Proposal is, as well as the pros and cons of filing a Proposal, to help you determine if it’s the right solution for your unique situation.
