Bankruptcy Services of Collins Barrow Limited - for Calgary and Edmonton, Alberta

Author:		Mona
Date:		February 24, 2000
Question:		I'm paying monthly to the bank for a car loan. I need the car to get to work. Can I keep the car and still pay off the loan after bankruptcy? What about if I have a personal loan with them and a credit card (Visa) as well? If I bankrupt on the latter two, will they still allow me to sign a reaffirmation to keep the car? Do they have to accept the reaffirmation? Can I sign a reaffirmation on ALL the bank loans? If so, could this cause problems with other creditors (cards) I'm bankrupting on?


From:		Shane Brenneis, Collins Barrow Limited
Date:		February 29, 2000
Answer:		All unsecured creditors in a bankruptcy must be treated equally. You cannot continue to pay these creditors. Payments stop at date of bankruptcy. Secured creditors, such as your car loan are not affected by the bankruptcy and they have certain rights. If you file bankruptcy, you have committed a default under the loan and they have the right to seize the car or allow you to continue paying for it. If they allow you to keep it, then you continue your monthly payments. If you have any further questions or want to come in for a free assessment to our office, please call or email me using the information below. Shane Brenneis (403) 298-1575 sbrenneis@collinsbarrow.com