Archive for May, 2006

Here’s a question we received here on the bankruptcy Hamilton blog: If you have a leased vehicle and your account is in good standing, do you have to give that up, if you file for bankruptcy?

The answer is that in most cases you can decide to either keep your leased vehicle, or surrender it back to the leasing company if you go bankrupt in Hamilton. First, you should decide if you can afford to keep the vehicle, including paying the lease payments, insurance, gas, repairs and maintenance. For many people in financial trouble the best plan is to give up the vehicle, and get either a cheaper used vehicle, or take public transit to save money.

If you can afford to keep it, the final decision will be up to the leasing company to determine if they will allow you to keep the vehicle, and keep making payments, while you are bankrupt. Different banks and leasing companies have different rules, so feel free to e-mail a question or call us at 905-777-0770 to arrange a free consultation.

In statistics released by the Office of the Superintendent of Bankruptcy, the number of personal bankruptcies and consumer proposals filed in Hamilton, Ontario increased by 7% in the first three months of 2006, as compared to the same period in 2005.

In the first three months of 2005 428 Hamilton residents filed a personal bankruptcy or consumer proposal. That number increased to 459 Hamiltonians during the months of January, February and March, 2006.

If you are having financial problems, these numbers show that you are not alone. Every week we meet with many people in our Hamilton office who are overwhelmed by their debts, but there are options, including consumer proposals and bankruptcy.

To get help, e-mail us or call us at 905-777-0770.