everything i`ve read about consumer proposals has been all unsecured debt, what about secured debt, say a car laon?
a hole lotta debt
posted by Questions @
1 Expert Comment:
At May 4, 2010 |
8:00 am
, Bart Goth, Trustee in Bankruptcy Said...
The reason everything you have read about filing a consumer proposal deals with unsecured creditors is that there is no legal ability to compromise secured creditors under the consumer proposal legislation.
What happens when you sign a security agreement with your creditors is that you give them the right to the property pledged and that right exists in priority to anything under the Bankruptcy and Insolvency Act.
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