Equity in a vehicle
January 7th, 2009 by Questions
I have a vehicle that is worth aproximately $11,000 and have a secured loan against it for just over $6,000. If I file for bankruptcy can I continue making payments on this vehicle and keep it? My payments are $650 a month and there will very quickly be more than the $5,000 allowable equity in the vehicle.
Posted from: British Columbia
One Response to “Equity in a vehicle”
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January 08, 2009 at 9:56 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
What is important is how much equity exists when you file the bankruptcy. As long as you have less equity than allowable under the provincial guidelines then you should have no issues.