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*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.

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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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Vehicle

Would I be able to keep my 2005 vehicle, which I owe approximately $14 000 on, if I claim bankruptcy?

Posted from: Alberta

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One Response to “Vehicle”

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

When you file for bankruptcy you are a permitted certain exemptions. These exemptions vary by province, but in the province of Alberta you are permitted to have up to $5,000 equity in a motor vehicle (equity being the value of the vehicle less the amount owing against that vehicle). So as long as your vehicle isn’t worth more than $19,000 you will be able to claim the vehicle as exempt, continue to make your payments on the vehicle and it wont be affect by the filing of a bankruptcy.