my home and car???
November 4th, 2009 by Questions
my husband and i had some money troubles and most likely will have to file for bankruptcy, i need to know if i will loose my car, that i need to get to work our my home, i am a bit behind on my morgage payment but they will be caught up soon
Posted from: Nova Scotia
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November 05, 2009 at 10:18 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Whether or not your home and car are at rick depends on the following:
1. the amount of equity in the vehicle (i.e. the value of the vehicle less any loans against the vehicle);
2. Whether or not you are up to date on the payments;
3. the provincial exemptions in Nova Scotia.
So what you are best to do is to contact a local trustee, provide them with the necessary details concerning the property in question and they will be able to advise you whether or not there is a risk to any of it (although, in most cases people are able to retain their residence and their vehicle, but you should confirm this with the trustee).