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Will we lose both vehicles?

Hi
My husband is thinking of filing for bankruptcy, as we have gotten into trouble with credit cards.
We currently have 2 vehicles. A mini van, which I use and a car my husband uses for work. The car is paid for and we are still paying for the mini-van, payments are up to date.
If he files will we have to give up one of these vehicles? They are both in his name. I am a stay at home mom, but need my vehicle to take my kids to school and other appointments and he has to have a car to get to and from work.
Thanks

Posted from: New Brunswick

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One Response to “Will we lose both vehicles?”

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

From what you have said I think there is a good chance that you will be able to retain both vehicles. The financed vehicle is likely a non-issue as long as the value of the vehicle is equal to or less than the loan against it. If that is the case continue to make your vehicle payments and you won’t have a problem. In terms of the vehicle that is owned free and clear, this really depends on the value of the vehicle. As long as it is worth less than the exemption amount permitted in your province (which is $6500 in New Brunswick), then you should be fine as well. To verify this you are best to contact a local trustee by clicking on the green link below.