Comments on: Consumer Proposal change to Bankruptcy http://www.bankruptcy-edmonton.com/bankruptcy/2010/01/consumer-proposal-change-to-bankruptcy.html Bankruptcy Edmonton Tue, 07 Feb 2012 15:47:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Bart Goth, Trustee in Bankruptcy http://www.bankruptcy-edmonton.com/bankruptcy/2010/01/consumer-proposal-change-to-bankruptcy.html/comment-page-1#comment-454 Bart Goth, Trustee in Bankruptcy Fri, 15 Jan 2010 16:18:58 +0000 http://www.bankruptcy-edmonton.com/?p=485#comment-454 There is no problem with going from an existing Consumer Proposal to a Bankrutpcy. Now in terms of the car, this is really going to depend what the current market value of the car is. As the province of Alberta is governed by the Civil Enforcement Act and it stipulates that you are able to have up to $5,000 equity in the vehicle. So the magic number for you would be $12,000. If the fair market value of your vehicle is $12,000 or less, then you wouldn't have any issues with the vehicle as long as you continue to make the payments on it as originally contracted. There is no problem with going from an existing Consumer Proposal to a Bankrutpcy.

Now in terms of the car, this is really going to depend what the current market value of the car is. As the province of Alberta is governed by the Civil Enforcement Act and it stipulates that you are able to have up to $5,000 equity in the vehicle. So the magic number for you would be $12,000. If the fair market value of your vehicle is $12,000 or less, then you wouldn’t have any issues with the vehicle as long as you continue to make the payments on it as originally contracted.

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