Bankruptcy For Car Loans
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Bankruptcy for car loans
Are you facing up to car loan debt? We know it can seem overwhelming, and it can be hard to know where to turn. At Harris & Partners, we have the experience to guide you through the different ways of dealing with your car debt, and help you decide whether bankruptcy is the right way to go. We believe that you should be aware of all the options available to you, as only then can you make a well-thought out decision, and know which one is best for your current and future car finance needs and your personal circumstances.
If you are bankrupt and have to hand back your car because you have fallen behind on payments, or the payment is too much compared to the value of the car, the car loan company debt for the shortfall will be part of the bankruptcy. If the car loan company then sells the car, you would no longer be responsible for the future payments or any shortfall between the sale price and the amount outstanding on your car finance agreement. When you are made the subject of bankruptcy proceedings, you can keep the car so long as payments are current and you plan on continuing to make them.
Bankruptcy for car loans is not your only option
If you are struggling to keep in control of car debt, you should know that while bankruptcy for car loans is a valid option, it is not the only one available if you find your car loans are becoming too much to handle. Contact us for specialist advice, and to find out more below about consumer proposals for motor vehicle loans and the financing options available for a car outside of an insolvency proceeding.
Harris & Partners can give valuable advice on your car loans
We know that if you are having trouble with car loans, the situation may seem very difficult and cause you stress. However, you do not have to face it alone. We can go through all your options with you, allowing you to make an informed decision on how to deal with your car loans. To speak with a professional regarding your car loans in Toronto, Ontario or on any bankruptcy-related questions and how it could affect your car finance agreements, contact Harris & Partners today at 1-800-268-8093.
For your convenience, we have offices across Canada to offer your advice with any of your financial assistance needs. Click here to find the office closest to you!
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