Bankruptcy Edmonton Questions
Bankruptcy Question & Answer Forum - Edmonton
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Anonymous |
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June 16, 2008 |
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Hi, I currently have a loan secured by a car I purchased. I have recently registered the car in my girlfriends name (she is not on the loan). I am considering bankruptcy as an option to my current debt load as I am having difficulties surviving from month to month. My credit lines are currently one month past due and my beacon score has been destroyed. If I file for bankruptcy, can the bank repo the car from my gf? I appreciate your feedback.
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Gary, Alger & Associates Inc. |
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June 18, 2008 |
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If your car was pledged as security to the bank they are entitled to realize on their security despite the transfer of registration. If you have maintained the payments on the car loan the creditor may allow you to keep the vehicle if you continue to make all of the payments, even if you file for bankruptcy.
Gary Howitt
phone: (780) 442-1983
If you wish to talk to one of the Edmonton bankruptcy professionals at Alger & Associates Inc., you can call us TOLL FREE from anywhere in Alberta at 310-8888. After hour appointments at our Edmonton bankruptcy offices are available.
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