2025-10-17
How buyer’s remorse laws can help you stay out of debt
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.
2010-08-23
Your vehicle is worth $8,500 and the amount you're allowed for a vehicle in a bankruptcy is $5,000 in BC (the amount may be different in other provinces). If you're doing a bankruptcy, it's very likely that you could make an arrangement with your trustee to keep the vehicle and pay the difference (in your case, $3,500 into the bankruptcy over time). It might be a good idea for you to get the vehicle appraised by a liquidator to ensure that you're not overestimating its value - it may save you more than the cost of the appraisal. Alternatively, ask you trustee to give you a printout of the Black Book value. Under provincial law in BC, if a creditor seizes your vehicle (i.e., if you are not in bankruptcy and are being sued by a creditor), you would get the first $5,000 from the sale of the vehicle if a creditor seizes it. A creditor must have a court judgment before they can do this. If you're doing a Consumer Proposal rather than a Bankruptcy, it's very likely that you will be able keep your vehicle if you wish to do so. The terms of your proposal (i.e., what is agreed to between you and your creditors) will allow you to do this. Your trustee will guide you in deciding what the terms of your proposal should be and will handle all communication between you and your creditors. Judy Scott - Trustee Port Moody - Burnaby - Maple Ridge British Columbia 604-949-2113 [email protected]
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.
2025-10-13
Debt Solutions Lifestyle Debt
When relationships end, shared debt can become a lasting burden. Here’s what to know about your responsibilities, risks, and financial options.
2025-10-06
MNP Consumer Debt Index
Ontarians’ financial vulnerability is intensifying as persistent economic uncertainty, concerns about borrowing costs, and employment anxiety weigh on household confidence.