March 30th, 2011 by Questions

After declairing bankruptcy can the gov. cease my car? It has no loans on it and it is a 14 year old car, barely any value to it

Posted from: Ontario


One Response to “car”

, A licensed trustee said:

In Ontario you are allowed to keep a vehcile with upto $5,650 in net worth. So, if you own the car outright (no loans) it may be worth up to $5,650 and you keep it. If there is a loan against the car yuo have to keep making the payments in order to keep it.

In your case, with no loan and given the age, I don’t think you have anything to worry about, but discuss this with your trustee BEFORE you file.

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