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Alger Bankruptcy Services


Same team, new name

Alger & Associates personal bankruptcy services are
now provided by
Grant Thornton Limited

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Edmonton, Calgary bankruptcy Q&A forum

Question:

 

I need to declare bankruptcy, mostly credit card debt, but I also have a vehicle loan, that I believe some of my creditors may have a lien against. I would like to sell it in order to obtain a cheap vehicle to drive. Is there a way to have lien's lifted then able to sell? I borrowed 18339.96 and still owe 14497.88...the book value is at approx. 19000.00 I think?..Am I given any time to sell the vehicle if I declare bankruptcy?


From:

 

Grant Thornton Limited

Date:

 

Aug 14, 2014

Answer:

 

If there is a lien registered against the vehicle and you sell the vehicle, you must pay the lien holder the amounts due to them i.e. $14497.80. The balance may be used to purchase a cheaper vehicle. The lien holder will allow a sale but only if they are paid out from the proceeds.

Marie Kozlowski
T 403-296-3082
Marie.Kozlowski@ca.gt.com

 

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