Comments on: Vehicle seizure http://www.bankruptcy-edmonton.com/bankruptcy/2007/05/vehicle-seizure.html Bankruptcy Edmonton Tue, 07 Feb 2012 15:47:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Barton Goth, GCO, Bankruptcy Trustees http://www.bankruptcy-edmonton.com/bankruptcy/2007/05/vehicle-seizure.html/comment-page-1#comment-53 Barton Goth, GCO, Bankruptcy Trustees Fri, 11 May 2007 06:24:00 +0000 http://www.bankruptcy-edmonton.com/bankruptcy/2007/05/vehicle-seizure.html#comment-53 Technically speaking filing a bankruptcy would qualify as an act of default on the vehicle loan. Meaning, the secured creditor could choose to recall the property just based on the fact that a bankruptcy has been filed. This doesn’t mean they will, just that they retain the right. In most circumstances, as long as you are up to date on your payments, and have had a consistient record of making these payemtns, most lenders will prefer to see you keep the vehicle. If retaining the vehicle is that important you may want to consider the filing of a <a href="http://www.bankruptcy-edmonton.com/consumer-proposals.htm" rel="nofollow">consumer proposal</a> as it is more likely your creditor will permit this. For more information as to why this is the case you should discuss this directly with a <a href="http://www.bankruptcy-canada.ca/emailUs.htm" rel="nofollow">local trustee</a>. Technically speaking filing a bankruptcy would qualify as an act of default on the vehicle loan. Meaning, the secured creditor could choose to recall the property just based on the fact that a bankruptcy has been filed. This doesn’t mean they will, just that they retain the right. In most circumstances, as long as you are up to date on your payments, and have had a consistient record of making these payemtns, most lenders will prefer to see you keep the vehicle.

If retaining the vehicle is that important you may want to consider the filing of a consumer proposal as it is more likely your creditor will permit this. For more information as to why this is the case you should discuss this directly with a local trustee.

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