Exemption for Multiple Automobiles?
Hello. I know that in Ontario, one can keep an automobile up to $5000 during a bankruptcy. If a bankrupt owns two vehicles with a combined value of under $5000, are both exempt or is only one exempt? If the later is the case, is it a different case if the second car is a business-only vehicle and the other is a personal vehicle? Is there usually a buyback option for the second vehicle, especially if it is very low value? Thanks!
In Ontario, you can keep one vehicle worth up to $5,000. You cannot keep two vehicles worth $2,500. The only exception may be a vehicle used while you work, such as a taxi.The rules are complicated, so you should consult a local trustee.