2010-03-21
Hello, Bankruptcy does not interfere with secured creditors. If you have a loan that is secured by your car you can continue making this payment. This assumes that you are not behind in the payments. If you are behind in the payments, the secured creditor may choose to enforce their security by taking the car back, however, if you are not behind in the payments you should be able to continue on with the loan. On a related note, in Manitoba there is a $3,000 equity exemption for a vehicle provided you are working. So for example, if you owned a car free and clear and it was worth $4,000 there would be $1,000 in equity for the bankruptcy estate. The Trustee could try to sell the car to get the $1,000 in equity however a more likely scenario is that you could buy back the equity in the car by way of a monthly payment. Brad Milne, CIRP Trustee in Bankruptcy Brandon, Manitoba
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.
