Vehicles

January 11th, 2008 by Questions

Hello…

I have 2 vehicles
I checked the book-value for both.
One is a Van – black book value = $4000
One is a Car – black book value = $1000

Will I be able to KEEP both cars if the total is less than $5600 ( I reside in Ontario ) if I file for personal bankruptcy ?

Thank-you

Questions

One Response to “Vehicles”



January 14, 2008 at 9:26 am, A licensed trustee said:

The Executions Act allows you to keep a single vehicle worth up to $5,650 in Ontario. Given your situation, you may claim the hogher value car under the exemption and your trustee (if you file) will likely let you “buy” the second car back by paying your estate $1,000.

Use the links to find a local trustee and give them a call – they can explain how all of this will work.

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