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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Vehicle in bankruptcy

I live in Ontario. If I file for bankruptcy in Ontario and own a vehicle that is worth more than the limit, it is my understanding that I can pay the difference between its value and the limit. I also understand that if I cannot pay the difference I must forfiet the vehicle. Two questions:

1. Am I correct in understanding that the money I would pay would have to come from post-bankruptcy income? i.e. I would have to find someone (relative, friend, etc.) that would loan me the money to pay the difference and then pay them back out of my post-bankruptcy earnings.

2. If I forfieted the vehicle, would I be given back the amount of the limit in order to purchase another vehicle?

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One Response to “Vehicle in bankruptcy”

A licensed trustee said...

This is a complicated question, and the answer is different in each province, so I will not give a detailed answer here. However, I have posted a detailed answer on the Bankruptcy Ontario Blog for your information.