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.

Thanks

Posted from: British Columbia

Questions

One Response to “Equity in a vehicle”


, 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.

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