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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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cars

if a person bought a car with a visa and went bankrupt after would they have to give up that car

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One Response to “cars”

Barton Goth GCO Bankruptcy Trustees said...

This wil ldepend on a number of things. firstly how soon prior to bankruptcy was the car purchased. The closer to the date they file, the less likely they will be able to keep the car.

If timing isn’t a concern, then the next thing that becomes and issue the value of the vehicle vs. the equity available vs. the provincial exemptions in your provice. If the vehicle has more equity in it than the exemptions that are permitted than they will likely have to pay more money into the bankruptcy estate in compensation for that non-exempt portion of the equity.