September 29th, 2010 by Questions
Under what circumstances are you able to keep your car when you file for bankruptcy.
I need mine to travel back & forth to the hospital for medical reasons.
Posted from: Newfoundland and Labrador
September 30, 2010 at 9:38 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
In your province the circumstances are not as important as the value of the vehicle. The property laws for Newfoundland and Labrador permit an individual debtor to have a Motor vehicle of a value of up to $2,000. This is irrespective of whether it is needed for medical reasons, employment etc.
So as long as your car is worth $2,000 or less (or has less than $2000 of equity in it) then you shouldn’t have any trouble keeping your vehicle.
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