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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.

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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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Bankruptcy for car loans

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Browse Debt Review Options in Canada

Consumer Proposals

Consumer proposals can be an alternative to bankruptcy that reduces debt and gives you more time to pay back creditors.

Legally stop creditors
Keep your assets & negotiate lower payments
Avoid bankruptcy

Bankruptcy

We will help you through the bankruptcy process every step of the way and guide you to a better financial future.

Wipe out most unsecured debt
Protect assets like your home
Last resort option

Corporate Bankruptcy

Corporate bankruptcy can be difficult to navigate, but we’ll help you through the maze, while also exploring other options too.

Restructure debt
Protect jobs for employees
Avoid liquidation

Corporate Insolvency

Restructure your debt and operations to secure your company’s future.

Navigate financial hurdles and protect jobs
Typically liquidate assets to pay off debts
Avoid corporate bankruptcy

Debt Consolidation

You consolidate various debts under one loan to pay back to creditors. This approach can help you save on interest over time.

Simplify repayments & reduce interest rates
Improve credit score
Gain control over finances, avoid multiple creditors

Debt Management Plan

Stay in control of your debts with a predictable, scheduled repayment plan. These plans can run for up to 5 years and aim to leave you debt-free at the end of the repayment period.

Potentially reduce payments
Avoid interest
Repay debt in agreed time frame

Division 1 Proposals

Division 1 Proposals let you change the terms of your debt, reducing the amount you owe and / or extending the repayment period.

Repay portion of debt over extended period
Retain assets
Avoid bankruptcy

Credit Counselling

Here, you’ll learn to pinpoint the causes of your financial issues and gain the tools to take back control of your finances.

Develop a personalized budget
Learn debt management strategies
Repair damaged credit

Debt Settlement

To settle your debt you can hire a company to negotiate with the creditor.

Potential for significant debt reduction
May damage credit score
Not guaranteed

Support across Canada

Why choose us for consumer proposals in Ontario?

Remove up to 80% of your debt

Our Licensed Insolvency Trustees can provide a customised consumer proposal that could shrink your debt by up to 80%.

Get debt help

Professional guidance in any language

Our multilingual team offers debt support in Farsi, Portuguese, Italian, Tamil, and more, so you can feel comfortable every step of the way.

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Nationwide support

With offices in nine provinces, we offer in-person debt support across Canada—from Atlantic provinces to Ontario to British Columbia.

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Contact information

It's never too late to obtain debt help. Book your free consultation today

Phone number: 800-268-8093
Email: hello@harrispartners.ca

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   Harris & Partners Inc.
   2228 Google reviews 
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      Posted on Google  
   
   Christian Castillo 
 13 October 2026
 
 
 Trustindex verifies that the original source of the review is Google. They provided great service and support, making the consumer proposal process easy and guiding me step by step. I appreciated their professionalism, patience, and help during a stressful time. I highly recommend them to anyone seeking a fresh financial start.
  
 
     Posted on Google  
   
   Cj Hastings 
 12 October 2026
 
 
 Trustindex verifies that the original source of the review is Google. Easy to deal with great people throughout the whole process
  
 
     Posted on Google  
   
   Laverne Jackson 
 10 October 2026
 
 
 Trustindex verifies that the original source of the review is Google. I had a very positive experience with Harris & Partners Consumer Proposal process.
Vlad, my intake administrator was amazing. He patiently guided me through the propane explain ed things clearly.
Vlad’s communication was excellent and he constantly followed up to ensure everything went well.
Thank you Vlad and team for your assistance and professionalism
  
 
     Posted on Google  
   
   T S 
 9 October 2026
 
 
 Trustindex verifies that the original source of the review is Google. Good service overall! Everything went smoothly, but I have to deduct one star. For a company that claims to be professional, they didn't bother to correct my name. They listed my middle name as my last name, and when I spoke to Samuel via Google Meet, he promised to fix it. However, the new document I was asked to sign still had the same mistake, which they failed to correct. It was a simple fix they ignored. I also messaged Ali, but nothing was changed. Not a great impression.
  
 
     Posted on Google  
   
   Kim ONeill 
 7 October 2026
 
 
 Trustindex verifies that the original source of the review is Google. Very helpful and judgment free
  
 
     Posted on Google  
   
   Ryan Jackson 
 6 October 2026
 
 
 Trustindex verifies that the original source of the review is Google. great service. very understanding and accomodating people to deal with in the unfortunate event of insurmountable debt
  
 
     Posted on Google  
   
   Ruth Planta 
 2 October 2026
 
 
 Trustindex verifies that the original source of the review is Google. Very informative and practice good customer care
  
 
     Posted on Google  
   
   Pierre Michel Gregoire 
 17 September 2026
 
 
 Trustindex verifies that the original source of the review is Google. So far very promp service. Great communication
  
 
     Posted on Google  
   
   Erika DeBruyne 
 14 September 2026
 
 
 Trustindex verifies that the original source of the review is Google. Every star earned!  The staff at Harris and Partners have given me peace of mind by helping me become debt free and giving me hope.  Every person I have had interactions with has been professional,  helpful and kind. There has been no judgement. I really appreciate this team, a special thank you to Deandre and Samuel.
  
 
     Posted on Google  
   
   Alan Tuck 
 11 September 2026
 
 
 Trustindex verifies that the original source of the review is Google. Working with Harris & Partners made my life less stressful. Yasan was amazing to work with. He provided one on one consultation at anytime and was truly professional throughout.
  
 
 
  
 
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