Will I lose my car?

October 5th, 2009 by Questions

I just purchased a used car in August. The total cost of the vehicle was $18,000.00. Its the only car I own and I would require it for everyday travel and for work related purposes. Would I lose my car if I filed for bankruptcy this month in Nova Scotia?

Posted from: Nova Scotia

Questions

One Response to “Will I lose my car?”


, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Unfortunately, there is not enough information to answer this question as the answer will depend on a number of things, including
a) Is there a loan against this car?
b) How much is the loan for?
c) Are you up to date on the payments with this loan?
d) What do you think the care is worth now? (i.e. what could you sell the car for today).

As you can see there are a number of things this depends on, so you are best to contact a local trustee with the above information and they will be able to advise you how this vehicle will be treated should you file for bankruptcy.

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