Car
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”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
April 05, 2010 at 8:48 am, 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.