What assets can be seized by a creditor?

May 16th, 2008 by Questions

I will most likely be taken to court by a bank that I owe large amount of money. I am unemployed but recently bought a 9 year old vehicle for $1000. Can the bank take the car away from me?

Posted from: Ontario


One Response to “What assets can be seized by a creditor?”

, Barton Goth GCO Bankruptcy Trustees said:

As the value of the vehicle is less than the available exemption in Ontario then as long as you have not pledged your vehicle as security on any loans your creditors will not be able to directly seize your vehicle.

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