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Question:

 

My father passed away in October. While he was terminally ill, in an attempt to ensure my mother was taken care of when he passed, he purchased a new car for her. Unfortunately, she cannot afford the payments on her pensions. We have been told, by the bank, that her only option would be to voluntarily surrender the vehicle. We understand that this will hurt her credit, and are prepared to live with that, but does she actually need to file for bankruptcy?



From:

 


Grant Thornton Limited

Date:

 

Apr 06, 2018

Answer:

 

Hi Tammy, thank you for your question. Should your mother voluntarily surrender her vehicle, they may be a shortfall she would be responsible to pay once the secured creditor has realized on their security by selling the vehicle. Depending on what the shortfall is, this might determine whether or not she needs to take further steps such as an insolvency filing. A bankruptcy is one option for your mother to relieve her debt, but a consumer proposal may be a great option for her as well. We would be happy to review her options in more detail and determine what might work best for her through a free confidential consultation. Consultations can be booked through our toll free number 310-6060. Kaitlin

Grant Thornton Limited
T 310-6060
askanexpert@ca.gt.com

 

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