If you make a consumer proposal the rights of your secured creditors are unaffected. This doesn’t meant that you can’t deal with your secured creditors by making a consumer proposal, it means that your secured creditor’s right to either be paid or to repossess your vehicle is unaffected.
The reality is secured creditors don’t want to repossess your vehicle. They know if they repossess your vehicle that they will likely take a significant loss. They would far rather continue to receive payments and collect the full amount owing on their loan including interest. Therefore provided that you are current with your payments and can afford to continue making payments you will be able to keep your financed vehicle even if you make a consumer proposal.
If you are considering filing bankruptcy, contact our office for a free initial consultation. We will review your options and help you get a fresh start.
