Purchasing a vehicle prior to bankruptcy

December 13th, 2009 by Questions

I am considering going bankrupt. My leased car has been seized and I do not have a way to get to work or to take my son to school / daycare. I have approx $5000.00 that I was going to use to purchase a vehicle. If I purchase this vehicle and then declare bankruptcy a few months later, will I be able to keep the vehicle if the book value shows that it is worth under $5000.00?

Posted from: British Columbia


One Response to “Purchasing a vehicle prior to bankruptcy”

, A licensed trustee said:

As long as you are not taking cash advances (or some othe rform of unsecured borrowing) ti buy the car then you should be fine. Make a point of discussing your concerns BEFORE you file for bankruptcy with whatever trustee you meet with.

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