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

"*" indicates required fields

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 Super Intendent 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.

Name

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

Select Trustee By Province

cars

As family of 4 we have two cars one is financing and other one fully paid for it and its worth more than $ 6000. First car that im financing i cant make the payments anymore second car worths more than $12000.If i sell the second car and get two cars less than $6000????

Posted from: Ontario

Share this post:

X (Twitter) Facebook LinkedIn Email

One Response to “cars”

A licensed trustee said...

Here’s you problem: you are allowed one car worth up to $5,650 if you file. If your car is worth $12,000 then you’ll have to pay your trustee the excess over $5,650 to keep it. If you sell it and have 2 cars worth $12,000 in total your trustee will make one exempt upto a value of $5,650 and the make you pay any excess plus the value of the second car if you want to keep them.

You may want to go and speka to a trustee BEFORE you do anything with your cars…