Buying a car during bankruptcy
During bankruptcy, is a person allowed to purchase a vehicle if they pay cash for it and the assessed value is less than $5650? We have searched and searched on the Internet for an answer, but cannot find one.
Posted from: Ontario
Sure you can – you are even allowed to borrow money to buy a caer if you need one (and you are able to). As long as you follow the rules set out by your trustee regarding your basic payments plus any surplus income payments you may be required to make, you are free to use the rest of your monthly income as you see fit. That includes buying a car, if you need to.