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given a vehicle worth more than $5650

What would happen if I were given a vehicle from family (pre or post-bankruptcy) worth more than $5,650? Thank you!

Posted from: Ontario

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One Response to “given a vehicle worth more than $5650”

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

It really doesn’t make much difference whether we are talking pre or post bankruptcy. In a bankruptcy if you have a vehicle that is worth greater than the amount allowable in the provinces (which is $5,650 in Ontario), the difference between the value of the vehicle and the exemption limit must be realized by the creditors. So you would either have to sell the vehicle or you would have to provide the trustee with cash representing the non-exempt equity.