May 5th, 2010 by Questions
Would I be able to keep my 2005 vehicle, which I owe approximately $14 000 on, if I claim bankruptcy?
Posted from: Alberta
May 06, 2010 at 9:10 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
When you file for bankruptcy you are a permitted certain exemptions. These exemptions vary by province, but in the province of Alberta you are permitted to have up to $5,000 equity in a motor vehicle (equity being the value of the vehicle less the amount owing against that vehicle). So as long as your vehicle isn’t worth more than $19,000 you will be able to claim the vehicle as exempt, continue to make your payments on the vehicle and it wont be affect by the filing of a bankruptcy.
Log in to Reply
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.