FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Name

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

Is a car considered surplus income?

I’m considering filling for consumer proposal. I have a car (2009) Does that count as surplus? if so, how does it work?

Share this post:

X (Twitter) Facebook LinkedIn Email

One Response to “Is a car considered surplus income?”

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

Having a car doesn’t really impact the filing of a consumer proposal, but it may be something that has to be considered. What is looked at is the value of the vehicle, the amount owing on the vehicle and the amount of the available exemption in your province.

If the equity in your vehicle exceeds the amount that is applicable in your province (and in Ontario it is $5650) then you may have to offer a little more in the proposal.

To know for sure what I would recommend is that you contact a local trustee, they are the only people eligible to file proposals in Canada, and schedule an initial meeting. There is no cost or obligation to this meeting and it is designed so the trustee can evaluate where you are at and explain what type of offer would need to be made to your creditors.