| Author: |
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Glenn |
| Date: |
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September 12, 2003 |
| Question: |
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I understand after filing bankrupty that you have the option of either returning the vehicle to the dealer or keeping it as long as my payments are up-to-date. The part where I get confused is that why does the trustee's office tell you not to make any payments til they do "something." 1) what is the "something?" they have to do and why is it important 2) If it takes the trustee to do "something" for 3 months, then do I have to make the whole 3 months payment upon the completion of "something?" 3) what happens if keep on making these payments anyway to GMCC? Please advise as I want to understand this before I declare bankrupty.
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From: |
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Ann Clarke, Collins Barrow Limited |
| Date: |
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September 15, 2003 |
| Answer: |
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The Trustee is required to verify that your car is properly secured by the creditor. This involves reviewing a Proof of Claim and supporting documents that the secured creditor must provide after the bankruptcy is filed, and issuing a letter saying the Trustee has no interest in the loan or the asset. Bankrupts are asked not to pay the creditor until the Trustee is certain that the secured loan is properly executed and registered. This process usually takes 2 or 3 weeks.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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