You are entitled to keep your car in a consumer proposal as long as you are current on your payments and you continue to make the regular payments.
If you keep the car, the first payment you make after filing a consumer proposal starts a new contract. If you keep the car but in the future you become unable to make the payments, the debt cannot be added to your consumer proposal.
A consumer proposal is not the only alternative for dealing with car loan debt. Learn about filing for bankruptcy for car loans or learn about how you can finance a car outside of an insolvency proceeding.
For all debt related inquiries, contact the Licensed Insolvency Trustees at Harris & Partners Inc. today with offices located in Toronto, Markham, North York, Barrie, Brampton, Brantford, Hamilton, Kitchener, Oshawa, Pickering, and St. Catharines, Ontario.