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What assets are considered exempt in Albeta?

my daughter owes money on credit cards, has a truck loan and holiday trailer loan will she lose the truck and trailer

Posted from: Alberta

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One Response to “What assets are considered exempt in Albeta?”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

This depends on a few things:

First, is there any equity in these vehicles (i.e. fair market value less amount of loan).

If there is no equity in either vehicle it is simply up to the lender. If the lender agrees to allow your daughter to keep the vehicles and continue making payments then there is no problem, but the key thing is this would be up to the lender not the trustee.

In terms of equity, if there is equity truck this may not be an issue depending on the amount. If there is less than $5000 in equity then the equity is considered exempt and your daughter wouldn’t have any issue with the trustee. However, she would still need the cooperation of the lender to allow her to continue to make payments on the vehicle.

As for the travel trailer, if there is equity in this it not eligible to be claimed as exempt. Meaning the trustee has a legal obligation to realize on that equity for the general benefit of your daughters creditors.

As you can see the answer to your question is highly dependent on a few things. The best approach is to simply contact a local trustee and discuss the details directly with them.
Thein these vehicles