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consumer proposal and impact on truck

we own our truck which is 9 years old.will we be able to keep the truck if we file for a consumer proposal?

Posted from: British Columbia

One Response to “consumer proposal and impact on truck”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

As long as the value of your vehicle is less than $5,000 (the exemption limit in BC) and your vehicle isn’t pledged as security to any of your creditors, then you will have no issue with keeping your vehicle, regardless of whether or not you have filed a bankruptcy or a proposal. The only exception to this vehicle exemption is if you are behind on child care payments (to facilitate the enforcement of Maintenance Orders), then the limit is reduced to $2,000.