May 28th, 2012 by Questions
will i loss my van or truck if i go bamkrupcy
Posted from: Ontario
May 28, 2012 at 11:37 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
When filing a bankruptcy the rules about whether a vehicle can be kept are based on provincial legislation which sets certain exemptions. In Ontario the rules state that as long as the vehicle is required for your occupation and you have less than $5,650 equity in the vehicle then your vehicle will be considered exempt and will be something you can keep.
The only other thing that you have to consider is that if you have pledged your vehicle as security against then you must also continue to pay any any loans against the vehicle.
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