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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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Excess car value

If your car is worth more than the allowable limit and it is paid for where can the money come from to pay the difference to the trustee so you can keep your car? If you have any money in the bank does it not belong to the trustee anyway? Can you borrow it from a friend?

Posted from: Nova Scotia

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One Response to “Excess car value”

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

In most provinces if your vehicle is worth more than the exemption limited permitted in your area there is no problem with paying the difference to your trustee, regardless of whether you have borrowed that money or not. At the end of the day that money goes to your creditors, and nomally they don’t care where the money comes from, simply that the proper amount came in. So as part of this you will need to have your vehicle appraised so that it can be demonstrated that you paid fair market value, but otherwise it is pretty straightforward. But I would recommend you contact a local trustee to ensure this is applicable in your province.