When is a car not a car under the Bankrupcy laws
September 28th, 2005 by Questions
I understand from reading this blog that in most provinces you are allowed to hold onto ONE car ( as long as its value is below the exempt level – or that you are willing to pay the appraised difference between the market value and the exemption level ).
But what happens when a person has one \’functional\’ car worth say $2000 and also holds title to two \’parts\’ cars or junkers. Technically they hold title to three cars… and yet only one of the titled cars is actually a car in the functional sense ? Does the bankrupt person have to hand over their two \’junkers\’ and keep the one functional car ? Or does the Trustee have some leeway in his/her determination about what constitutes a car for the purposes of the bankruptcy ?