Debt solutions for car loan debt
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Car loans debt solutions for
If you filed for bankruptcy or consumer proposal and financed or leased your car, we can help you keep your car as long as you are current with your car payment.
A Licensed Insolvency Trustee (formerly called a Trustee in Bankruptcy) can take a look at your budget and determine whether there are enough funds to continue to support your car loan. If you cannot maintain lease or financing payments, you may want to return the car to the lender and look for a less expensive alternative.
Is your car financed or leased?
At the date of a bankruptcy or a consumer proposal, you have two options with a car that is leased or financed:
- Keep the car and continue the payments
- Return the car to the lender
Motor vehicles are exempt up to $5,650. The trustee uses the black book to establish the value of the motor vehicle. If the value of the motor vehicle is $5,650 more than your loan, you can make arrangements with your trustee to buy back the car.
What are your options?
- Bankruptcy for car loans
- Consumer proposal for car loans
- Financing a car outside of an insolvency proceeding