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| Author: |
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Brenda |
| Date: |
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May 20, 2003 |
| Question: |
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I recently had some major transmission car repairs done on our vehicle. This is the only vehicle we have for my husband to commute to work, so we had no choice but to have it done. It was financed through a local company that puts a lein on the vehicle as a security for the loan. Can they take our car if we were to declare bankruptcy? Is the lein removed?
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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May 21, 2003 |
| Answer: |
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If you pledged the vehicle as security for the debt you must either pay the debt or surrender the vehicle to the creditor. Bankruptcy does not affect secured creditors.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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