2010-12-12
In BC, if your vehicle is worth $5,000 or less, a creditor can't take it to satisfy a judgment or other unsecured debt. However, if it's the federal government that you owe money to, they don't always follow provincial rules about which assets creditors can and cannot take. But even so, unless your car has significant value, the federal government may not be too interested in taking it to satisfy the debt - there is usually too much time and cost involved in them seizing it and selling it if they don't expect to get a lot of money for the car. Same idea if you have financing on the vehicle. What they would get from selling the car and paying out the financing might not be enough to make it worth their while to take it. However, what they will often do is register a lien against your assets. That way, they can tie up your car (or other assets) without having to seize them. Judy Scott Trustee - Meyers Norris Penny Limited Port Moody - Burnaby - Maple Ridge BC 604-949-2113 [email protected]
2025-06-19
With the school year beginning and thousands of Canadian students beginning a new semester of post-secondary studies, all those hard-earned dollars from summer gigs are now being applied to tuition, books, transportation, housing, and supplies.
2025-06-18
The cost of daily goods has been rising over the past few years — increasing the price of food, gas, clothing, and many other essential items that Canadians need in their day-to-day lives.
2025-06-16
Bankruptcy Alternatives to Bankruptcy
Let’s review what a Consumer Proposal is, as well as the pros and cons of filing a Proposal, to help you determine if it’s the right solution for your unique situation.
