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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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Purchasing a vehicle prior to bankruptcy

I am considering going bankrupt. My leased car has been seized and I do not have a way to get to work or to take my son to school / daycare. I have approx $5000.00 that I was going to use to purchase a vehicle. If I purchase this vehicle and then declare bankruptcy a few months later, will I be able to keep the vehicle if the book value shows that it is worth under $5000.00?

Posted from: British Columbia

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One Response to “Purchasing a vehicle prior to bankruptcy”

A licensed trustee said...

As long as you are not taking cash advances (or some othe rform of unsecured borrowing) ti buy the car then you should be fine. Make a point of discussing your concerns BEFORE you file for bankruptcy with whatever trustee you meet with.