Equity in a vehicle
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.
Thanks
Posted from: British Columbia
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.