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2 Cars and a few questions about bankruptcy

I am about to go bankrupt. I have applied for a job that will require me to have my own car to travel through out the province of NB. My girlfriend and i have a mortgage together and also she has a old car.

Once i file for bankruptcy she will also have to file because we have debts together.

Question 1. If i purchase a car that is worth less than the amount allowable for exempt assets, will i be able to keep this car for my job and will my girlfriend be able to keep her car as we won’t be working in the same area and we’ll both need cars for our jobs and for her to be able to pick up our son from daycare as i will be on the road.

Question 2. If we have debts together how do we file for bankruptcy is this done jointly or both seperatly?

thanks!

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One Response to “2 Cars and a few questions about bankruptcy”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

There are two ways to handle this situation:

1. Due to the joint debts you can file a joint bankruptcy for a reduced cost. However, then you are only entitled to have one vehicle of up to $3000 equity (the amount allowed in NB). This may be the way to go if one of your vehicles is owned free and clear and the other is financed (and the amount owing is approx. equivalent to the value of the vehicle); or

2. If you file separately (i.e. each of you pay the amount for an individual bankruptcy to the trustee) each of you will have their own exemptions. Therefore, if you each own a vehicle, as long as it has less than the allowable equity value ($3000) you should be able to keep both vehicles.

It is important to discuss this sort of thing with a licensed trustee in your area and together you can determine which direction is in your best interests.