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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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Buying a Vehicle

I will be declaring bankruptcy in a month or so but I am planning to buy a car with a loan from a dealer. The car`s value is $8,000 and I will be making monthly payments towards the loan. Will I be allowed to own this car even though the value is more than the allowed amount? Will I be allowed to make payments for the car even though I am not paying to any other creditor? Thank you.

Posted from: Ontario

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One Response to “Buying a Vehicle”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

You should not have a problem with this plan. What is important is equity not value. As long as the equity in the vehicle is less than the amount allowed by the provincial exemptions.