Vehicles and Banckruptcy
My wife and I are facing bankruptcy due to each of us having illnesses last year: me with cancer diagnoses and her with a troubled pregnancy. We were both on STD. This year we have baby expenses, I have been diagnosed with sleep Apnea and have my license pulled and can not work for about 2 months. We can no longer keep up with pymts.
Also my wife is on MAT Leave but when she goes back to work Day care will be so expensive that she will bring in 400-600 less per month than she does on MAt Leave
Question 1: Are we considered one bankruptcy or 2?
Question 2: If 2 do we each keep a vehicle worth no more than $5000? Would I have to put one in my wife’s name to do this?
Question 3: If one bankruptcy ; I will be working out of province when I return to work and my wife works 2 hours away and cares for our child and will have to ferry him back and forth from day care…..If we have only one vehicle then one of us can’t work? If one of us doesn’t work then we can’t afford the house pymt. What decison is made in this case?
Question 4: We have 3 vehicles; 1979 pick up worth $500, 1999 Mini van with $7,000 left owing but a value of only $1500 and a lease vehicle which we pay $400/per month for? Which vehicle if we could only have 1 would we keep…The pickup? This vehicle needs major repairs if I am to take in out of province to work and uses a fortune in gas. When we file for bankruptcy we will just have enough to cover baby, house and utilities and car insurance. Very little left for car repairs let alone a huge gas expense to run a vehicle. SHould we be looking into welfare?
Your questions are very complex, and the answers will depend to some extent on which province you live in.
I suggest you use the Contact An Expert link on the right hand side of the page to contact a trustee in your area who can meet with you to advise you further on your options.