car and bankruptcy

By: Bankruptcy Ottawa  09-12-2011

Question: What will happen to my new car if I go bankrupt in Ottawa? Will I lose my car?

What will happen to my new car if I go the proposal way. Will I lose my car?

If there is a loan against the car equal to the value of the car, the trustee will not take your car. It will be up to the lender to decide whether or not they will allow you to keep making payments on the car, so you can keep the car.

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consumer proposal

In my eyes, this means that the creditor would end up receiving twice the original loan amount, as they are receiving the money from the consumer proposal, which I have not signed nor seen a copy, and the amount that they want to collect from me.


RRSP and bankruptcy

If the RRSP is an RRSP that you have contributed to over the years, perhaps at your bank, than it is probably not protected, meaning you would lose your RRSP if you filed for bankruptcy. An RRSP is typically locked in when you convert a pension from your former employer to an RRSP, or if your RRSP is through work, where your employer is making the contributions.


bankruptcy Ottawa

First, she could call CRA and attempt to work out a payment arrangement with them, so that perhaps they will agree to take less of her pension each month. However, to answer your underlying question, yes, CRA does have the ability to garnish CPP if taxes are owing.


Archive for the ‘bankruptcy’ Category

As executor of his estate you will work with your lawyer to liquidate his assets and use those assets to pay his creditors; your lawyer can provide you with more information. His only assets are RRSP’s and a small life insurance policy of which I am the beneficiary. He has business debts and credits cards and leases which I have not co-signed on. My husband has passed away.


bankruptcy discharge

However, in most cases the easiest course of action is to request a meeting with your trustee prior to your discharge hearing so that you fully understand what will happen at the hearing, so that you can prepare for it. If you are not satisfied with the assistance your trustee is giving you then yes, you could hire a lawyer to represent you at your discharge hearing.