We locate a question that is common ask is вЂњ Am I Able To keep my vehicle if I seek bankruptcy relief ?вЂќ They wish to know very well what takes place to your automobile in the event that you declare themselves bankrupt. Do you want to lose your vehicle along the way or will the bankruptcy trustee go? Exactly what do you anticipate? The solution essentially is dependent on a couple of things: 1) can there be a loan from the vehicle, and 2) when there is maybe not that loan, simply how much could be the vehicle worth?
You keep the Car if you have a Car Loan
In Canada, the truth is frequently only a little various. This truth starts with secured debts. In the event that you pledged one thing as safety for loan, the asset that delivers security for the loan is exempt from bankruptcy. It survives bankruptcy.