1. Doug Stuive, CA | Trustee | CIRP

    A -When you file a consumer proposal you are making an arrangement with your unsecured creditors. A truck loan is considered a secured loan as generally speaking the creditor that financed the truck purchase would have a lien on that vehicle until your loan is paid in full. This type of creditor is called a secured creditor. Most consumer proposals will state in the documents that it is your intention to maintain payments to your secured creditors. When you meet with a financial advisor to consider a consumer proposal they will help you to assess your overall household budget and can advise if keeping your truck payment makes sense for your unique circumstances. If the truck payment is affordable and you wish to keep the vehicle that is allowable in a consumer proposal.

Leave a Comment