FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

X/Twitter

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

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.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

tool of the trade

I am an owner operator with 1 truck. Is my truck a tool of the trade or is it classified under the $5600 vehicle allowance?

Posted from: Ontario

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “tool of the trade”

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

Technically this up to the discretion of the bankruptcy trusteeyou are dealing with for the bankruptcy. I myself have no problem with classifying a truck as a tool of a trade as ultimately it is required for employment purposes. I see this as an easy argument to make, as long as you are operating as a proprietorship. As soon as you get involved with more structured legal entities (i.e. numbered or incorporated companies) then the argument doesn’t work. The best thing to do is to contact a local trustee and ask this question directly, but I don’t think you will have many difficulties.