I’ve read through most of the information on your website, but there’s one thing I am not clear on. My car is leased (4-year lease will come to an end May 2008). If I declare bankruptcy in Ontario, will I automatically lose the car? One of the mandatory requirements of my job is the use of a reliable vehicle.
Also, if I declare backruptcy, will my employer have to know? (I guess they would know if I lost my car, but assuming I could keep the car, would they find out about the bankruptcy?)
Thank you.
Under most circumstances you are allowed to keep your leased car if you go bankrupt, provided you continue to make your lease payments each month. Ultimately it is up to the leasing company to decide whether or not they will continue to lease you the vehicle.
In most cases your employer is not notified of the bankruptcy. One exception would be if your wages are being garnisheed when you go bankrupt, your employer would be notified to stop the garnishment.