Is My Wheelchair Accessible Truck An Asset?

August 11th, 2012 by Questions

I’m on disability from a car accident and still going through with the insurance company 4 years later. I now require a power wheelchair to get around and because of this, the insurance company bought me a 2011 Ford F150 truck ($30k) that has been modified to accomidate myself and my wheelchair.
I have no equity in my house and no major assets, however would this wheelchair modified vehicle that the insurance bought me be considered an asset that they could take away or force me to pay on if I were to go bankrupt or consumer proposal?

Posted from: Ontario

Questions

One Response to “Is My Wheelchair Accessible Truck An Asset?”



August 11, 2012 at 9:35 pm, A licensed trustee said:

The short answer is yes – the truck is an asset that could be seized and sold if you file for bankruptcy. It is possible that there have been cases before the Courts that might create some sort of legal precedent to exclude your truck, but I am not aware of any. I suggest you contact an insolvency lawyer and ask them to do some research BEFORE you decide to file.

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