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Is it or isn’t it..exempt??

Here is an excerpt from the “bankruptcy Act”…. One motor vehicle not exceeding $3000 when being used for business, or transportation to business/place of employment…. After speaking with a trustee in MB yesterday, I was told my old beater (car) was NOT exempt if there was bus service to my employment. Now I have to have the car appraised. So, is it or isn’t it?? Also, if its appraised at $500.00, does that mean I have to come up with that amount or give them my car??

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One Response to “Is it or isn’t it..exempt??”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

From what you have said your vehicle doesn’t qualify for the exemption in Manitoba so you ultimately have 2 options. Option 1, if you are interested in keeping your vehicle you will be able to re-purchase this non-exempt asset from the bankruptcy estate. The amount you will have to provide will be based on the appraisal you have referred to. The second option is to simply loose the vehicle.

For more information on the specific exemptions in your area I suggest you contact a licensed trustee in your area and he will be able to clarify any of these details.