April 2nd, 2010 by Questions

I currently have a hefty monthly payment on a car which i am claiming bankruptcy on. I believe ontario allows for approximately 5600 in car allowance under bankruptcy. My parents are planning to buy me a car under this value so i can commute to work since i need one to be employed. How will this affect bankruptcy? Would they take the car since i will be getting it just before/after i claim?

Posted from: Ontario


One Response to “Car”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

If your parents buy you a vehicle that is under the exemption limit, there really won’t be anything that is impacted by the filing of a bankruptcy. The key is the vehicle must be disclosed to your trustee so the exemption can be claimed.

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