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

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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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Car

I currently have a hefty monthly payment on a car which i am claiming bankruptcy on. I believe ontario allows for approximately 5600 in car allowance under bankruptcy. My parents are planning to buy me a car under this value so i can commute to work since i need one to be employed. How will this affect bankruptcy? Would they take the car since i will be getting it just before/after i claim?

Posted from: Ontario

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One Response to “Car”

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

If your parents buy you a vehicle that is under the exemption limit, there really won’t be anything that is impacted by the filing of a bankruptcy. The key is the vehicle must be disclosed to your trustee so the exemption can be claimed.