FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Phone

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

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.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Can I keep my car

I am planning to go for a bankruptcy. I bought a used car four months before for 3,500. I am unemployed. Can I keep the car if I file bankruptcy? Is it like I can only keep a car if I am using that one for going to work?

Posted from: Ontario

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Can I keep my car”

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

You shouldn’t have any trouble keeping the car as the value is less than the amount that is allowable. The only thing that could cause a little trouble is the time frame of the purchase and where you got the money for the purchase from. There could be an argument that you took non-exempt property (i.e. cash) that would have been available for the rest of your creditors and converted it into exempt property (i.e. the vehicle) in an attempt to thwart the rights of your creditors. I think this is very unlikely but you are best to have your situation reviewed by a local trustee to make sure this won’t be an issue.