Considering Bankruptcy

February 1st, 2006 by Questions

My husband and I have both always worked, but because of too much credit card debt became caught in the cycle of running short of cash and then turning to the cards. My car died in October and I am financing a 2003. My husband was layed off from work today. All of my debt is my own. I have 2 questions. 1. I am still employed and earn 2000 a month. Power=250.00 a month. Heating fuel=150.00 a month Phones are 180.00 Gas is 200.00 Groceries 600.00 Satellite is 65.00 Car payment is 354.00 Insurance is 75.00 a month. This is not counting any extras. I can afrord these things. I have a non working 1998 car as well. My credit card debt is approximately 25,000.00. With my husband not working I am not going to be able to make my payments. How do I go about keeping my financed car? Now my first question was so long I have forgotten the second one.


One Response to “Considering Bankruptcy”

, Barton Goth, GCO Inc. Bankruptcy Trustees said:

Currently, in Alberta for instance, a bankrupt may now keep one motor vehicle worth up to $5,000. As long as your vehicle is worth less than this $5,000, and the car has no liens or loans registered against it, the trustee would not seize your car in the event of your bankruptcy.
I suggest that you contact a licensed trustee in your area and he will be able to explain how the exemptions work in your province.

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