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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Owned Vehicle

Hello,
I`m 70 and I just lost my job. I was living paychq to paychq and I`m 40K in debt. I want to claim bankruptcy. I owned a 2005 Dodge Caravan with 200,000 km and 2 accidents (fixed) damage to front and side (claims made). I want to find another job, but I will need my van to do that, and to work if I can get another job. Will I have to surrender my van? How will I continue to look for work/work if I can get another job at my age if I do??

Posted from: Ontario

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One Response to “Owned Vehicle”

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

The general rule of thumb with a vehicle is that you are able to retain a vehicle in bankruptcy as long as it is worth less than what is permitted by the provincial exemptions permitted. In Ontario this value for a vehicle is $5,650.00.

Now the trick is that it must be required for employment purposes. So you will have to meet with a local trustee, explain your situaiton and they will be able to help you determine if you qualify for this exemption.