In filing a consumer proposal can I keep my vehicles? One has a loan secured against if for most of its value the other is a leased vehicle with no equity.
This is not guaranteed, but typically we find most lenders prefer to see you keep the vehicle and continue payments as originally contracted as opposed to having to seize and sell the vehicle and then only be able to recover a portion of the shortfall as a result of the consumer proposal.
The key thing is that you must be in a position where you can afford both vehicles and the proposal payment so make sure you carefully review you monthly cash flow with a licensed trustee prior to making any decisions.
.gif){kind=spacer}
1 Comments:
At 12:43 PM,
Barton Goth, GCO Inc. Bankruptcy Trustees said…
The key thing is that you must be in a position where you can afford both vehicles and the proposal payment so make sure you carefully review you monthly cash flow with a licensed trustee prior to making any decisions.
Post a Comment
<< Bankruptcy Alberta