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is this considered an asset that can be taken?

If we own an atv that is worth less than 4000 can it be taken? our landlord advised us when we moved in that we need to maintain the acre lot in the summer and ensure that snow removal is done in the winter to front back and side doors…the driveway alone is 140 feet from the road and we need to atv for the snow clearing because if he comes here and its not done he will give us the boot…

is this something we will lose?

Posted from: Alberta

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One Response to “is this considered an asset that can be taken?”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Each household is permitted 1 motor vehicle with equity of up to $5000. So if you had no other vehicles then you may be able to claim this as an exempt asset. If you have another vehicle that is using the exemption then the ATV would have to be sold and the proceeds distributed among your unsecured creditors, now you would have the choice of purchasing it from the trustee, but whether or not you want to would be up to you.