Secured loans and bankruptcy / consumer proposal

Posted on Thursday, June 19, 2008

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I have the following:

4 credit cards = $27,000 owing in total

2 secured loans, one for a car and another personal one.

Is secured debt applicable for consumer proposal/bankruptcy? If it is, do I have to hand over my secured assets?

Filed under: Bankruptcy
 posted by Questions @ 7:26 am
1 Expert Comment:

 At June 24, 2008 | 7:18 am , Barton Goth GCO Bankruptcy Trustees Said...

What you will find is that secured assets largely work outside of the bankruptcy process. The only way they are cleared is if you give the property that is secured back to the lender prior to the filing of a bankruptcy or a proposal. Otherwise you will have to arrange to continue to make payments directly with the lender.

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