The second car
I am on the way for file personal bankruptcy, I have my pickup truck which is worth 2000 dollars.I have one Nissan which goes in bankruptcy.I need info if i buy another car worst 1000 dollars can i do that, because my wife is working and need one car for work and i need second car for take kids to school and soon i well fine the job.THANKS
Posted from: Ontario
In Ontario, you are permitted to kep a car worth less than $5,650 if you file for bankruptcy. So you can keep your pick-up. If you buy a seciond car and place the ownership in your name and then file for bankruptcy the second car will be seized and sold as you may only keep one. If you put the second car in your wife’s name she may keep it (since she is entitled to the same $5,650 rule that applies to you).
One concern – don’t use a cash advance or credit card to buy the car. Since you’ve decide to file for bankruptcy you should not be using credit to make any purchases – if you buy a car just before you file using credit you’ll likely have to pay for it as aprt of the bankruptcy.