Simply as you file your own bankruptcy does not always mean you will definitely automatically lose your car or truck.
Part 84.2(1) prevents guaranteed creditors from repossession assets entirely as you file individual bankruptcy. Some other way if you default on the financing contract or security agreement.
Instance: if you default on the repayments for the vehicle then your bank can repossess your vehicle.
Then you will need to pay that equity to your Trustee in Bankruptcy for the benefit of your unsecured creditors if there is equity (is your car worth more than the loan against your car.
You should contact a Trustee in Bankruptcy (Licensed Insolvency Trustee) to review your options if you are having difficulty paying your debts.
Powell Associates Ltd. is just A licensed insolvency trustee. We have been skilled, hands-on insolvency professionals whom realize the individual effects of major economic anxiety;