Vehicle exemption and how it works?

Posted on Tuesday, July 1, 2008

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I have a vehicle, which I financed, and owe about 16k total. The resale value is about 12k. Can I keep this vehicle?

Filed under: Bankruptcy
 posted by Questions @ 9:17 pm
1 Expert Comment:

 At July 2, 2008 | 12:16 pm , Barton Goth GCO Bankruptcy Trustees Said...

As the equity in the vehicle (value less loan) is less than $5000 as long as the lending institution is willing to allow you to keep the vehicle then you shouldn’t have any problem with retaining the vehicle. The two things that are important are that the equity is less than the amount permitted in the provincial exemptions and that the secured lender is willing to cooperate. If both of these criteria are satisfied than it is a non issue.

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