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]
2025-04-25
Debt collection can be a daunting experience for many Canadians. Navigating the process alongside MNP’s team of experts can help you better understand how it will impact your credit score and gain the knowledge needed to maintain your financial health well into the future.
2025-04-25
Bankruptcy
Filing for Bankruptcy is a significant decision that can provide a fresh start for Canadians overwhelmed by debt. However, it’s essential to approach this process with caution and awareness to avoid common pitfalls and make informed decisions to protect your financial future.
2025-04-24
Filing a Consumer Proposal can feel overwhelming, but it’s not the end of your financial journey.
