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truck driver

i am a truck driver & own an older truck apprx. value $5000 is this considered a tool of the trade or can i keep it as a vehicle for occupation under $5600

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One Response to “truck driver”

A licensed trustee said...

If there are no encumberances on the vehicle (you haven’t used it as collateral for a loan) and its fair value is less than the provincial exemption where you live then you may use the personal exemption for a vehicle to keep the truck. Keep in mind that the exemption allows a single vehcile – not multiple vehicles up to the exemption level.

If you continue to use the vehicle to generate income then you may use the tools of the trade exemption instead of the personal vehicle exemption if you’d prefer.

Make sure you discuss your truck in detail with your trustee before you file for bankruptcy (or a proposal).