Filing Personal bankrupt
1. In order to file bankruptcy does your annual income has to be less than a certain amount?
2. I own a 2003 car that is paid, and I also own a 2009 truck not fully paid. Can I keep both cars? If not, can I keep the truck and continue making the payments on it?
Posted from: New Brunswick
There is no income restriction when it comes to eligibility to file for bankruptcy. The only requirements are that you must live in Canada or own property in Canada, owe greater than $1000.00 and not be able to pay your debts as they generally become due.
In terms of vehicles. In New Brunswick you are permitted to retain One motor vehicle having a realizable value of not more than six thousand five hundred dollars at the time you file for bankruptcy, if the motor vehicle is required by the debtor in the course of or to retain employment. So this would likely be applied to your 2003 car.
As for the truck, if there is no equity in the vehicle you generally can continue to make the payments during a bankruptcy and have no issue there.
It would be important for you to discuss these vehicles in more detail with a local trustee as the specific policies and practices vary somewhat from province to province, but as a general rule you shouldn’t run into to many difficulties relating to the vehicles.