May 5th, 2010 by Questions

Would I be able to keep my 2005 vehicle, which I owe approximately $14 000 on, if I claim bankruptcy?

Posted from: Alberta


One Response to “Vehicle”

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

When you file for bankruptcy you are a permitted certain exemptions. These exemptions vary by province, but in the province of Alberta you are permitted to have up to $5,000 equity in a motor vehicle (equity being the value of the vehicle less the amount owing against that vehicle). So as long as your vehicle isn’t worth more than $19,000 you will be able to claim the vehicle as exempt, continue to make your payments on the vehicle and it wont be affect by the filing of a bankruptcy.

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