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Alberta bankruptcy Q&A forum

Question:

 

HI there, I have a lot of debt with my truck payment I ending getting a loan that is double the value of my suv. I have student loans since 2008-2010 that are now taken back by CRA... plus a few standing bills that are in collections.... I have been trying to over come and pay everything off but not able to do so! Made some bad choice credit wise in the last years. IF I go bankrupt will I lose my vehicle and student loans?


From:

 

Grant Thornton Limited

Date:

 

Oct 30, 2014

Answer:

 

Hi If you were last in full time education in 2010, your student loans are not dischargeable by bankruptcy. If you stop making payments on your vehicle loan, the creditor can seize the vehicle and sue you for any deficiency. Given the value of the debt attached to the truck it would make sense to surrender the vehicle and include the deficiency in your bankruptcy. Please contact me to set up a free consultation to discuss your financial concerns. Thanks for the question.

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

 

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