2025-10-21
How we helped a client decide between a consumer proposal and bankruptcy
A client thought bankruptcy was their only way out. See how a consumer proposal helped them keep their home and repay debt with confidence.
2008-12-09
Hi, Trevor. The repossession of a vehicle or other asset by a creditor doesn't automatically put you into bankruptcy. In some cases, the repossession can leave you with a debt to that creditor (if they sell or dispose of the vehicle and don't recover enough to pay what you owe them on the loan or lease). Normally they will try to collect that from you for a while. If you can't pay the debt, bankruptcy is one of the options you can look at. However, there's something else you might be interested in as well. (Please note that this applies in BC and may not apply in other provinces.) In some situations, if a secured creditor repossesses or seizes a vehicle (or other goods) from you, they may not be able to ask you to pay any more money, even if the value of the vehicle is less than what you owe. i.e., when they seize the vehicle, that extinguishes your debt in full. This is dealt with in s. 67 of the BC Personal Property Security Act. To qualify for this protection, the goods have to be “consumer goods” (i.e., goods that are used or acquired primarily for personal, family or household purposes). Judy Scott Vancouver - Port Moody - Abbotsford 604-949-2100 - 866-568-1335 [email protected]
2025-10-21
A client thought bankruptcy was their only way out. See how a consumer proposal helped them keep their home and repay debt with confidence.
2025-10-20
Alternatives to Bankruptcy Bankruptcy Consumer Proposal Lifestyle Debt MNP Consumer Debt Index
Just when seniors should be relaxing and enjoying the fruits of their labour, many find themselves struggling financially — an unsettling contrast to the ease they’d hoped to live their golden years.
2025-10-17
This is called buyer’s remorse. In some cases, Canadian law provides protections that can help you reverse these costly decisions and avoid sinking further into debt.