Archive for May, 2006

I have already filed for bankruptcy and was advised by my trustee that, if I chose to keep my car, the creditors that provide car loans don’t usually sieze the car providing that the payments are in good standing.
As it turns out, the Royal Bank has a policy that when someone files for bankruptcy,the loan must be paid in full or surrender the car.
I have 2 questions.
1. Shouldn’t the trustee have known that the Royal Bank had this policy?
2. I don’t know how bailiffs operate. Can something be arranged with the bailiff who has been assigned the collection of the debt or car?
I have no way of getting to work without a car and therefore will lose my only source of income instantly.

1. Can an individual who has recently declared bankruptcy in Ontario start contributing to an RRSP?

2. In the 1st year of bankruptcy when the trustee files a person’s income tax does the individual get a copy of the return and will he or she get a notice assessment.

If your car is worth more than the 5,000 plus but you dont have that much paid off the note, do you have to give up the car if you go bankrupt in Ontario?