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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 Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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vehicles

Can someone going through bankruptcy procedures keep both a family van and a motorbike, if together they are not worth $5000?

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One Response to “vehicles”

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

No, you are entitled to keep a vehicle, but a motorbike is considered a recreational vehicle and something that you are not able to protect. The 2 things you can do to keep the motorcycle are to file bankruptcy and repurchase the motorcycle by providing the fair market value of the bike into your trustee or file a consumer proposal in which you offer your creditors.

For more details on these you should contact a licensed trustee in your area as there can be significant differences regions.