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2 Vehicles

Hello.

I live in Ontario.
I would just like something clarified.
If or when I file for bankruptcy, will I be able to keep both my cars.

Vehicle #1 value = $4500
Vehicle #2 value = $ 200 (yr 1989)

Vehicle #2 is basically a write-off as it is almost 20 years old, however it runs, but not very well. I`ts just in case Vehicle #1 does not work, and I need to get somewhere.

Can I keep both vehicles, if I file for bankruptcy in Ontario ?

Thank-you

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One Response to “2 Vehicles”

Barton Goth GCO Bankruptcy Trustees said...

With 2 vehicles, if there is no loans against either of the cars, then you would only be permitted to protect (claim exempt) one of the two vehicles.

So technically speaking the other vehicle (the $200 one), the ownership of would vest in the trustee and he would have to sell and distribute the proceeds to the creditors.

However, if you wanted to retain the vehicle there is nothing that would prevent you from purchasing the vehicle, so as long as the trustee was able to verify the $200 value, you could simply add $200 to the cost of your bankruptcy and then you shouldn’t have any difficulties.