paying off car lease can you keep the car

Question: I was leasing a car with a very high interest rate, approx 6months ago I borrowed money from bank to buy out lease. The bank never used the car as security and I never realized until now that I was suppose to change the ownership from the lease comp and me to just me. If I am thinking of going bankrupt what should I do about the car. it is only worth about 5-6000

Answer: We would recommend that you get an appraisal on the car to determine exactly what it's worth. Second, get copies of all of your loan documents and meet with a trustee to review them. They will then be able to tell you what will happen to the car if you go bankrupt.

Labels: bankruptcy Ontario