Keeping Vehicles When I File For Bankruptcy

2010-03-15   minute read

When you file for bankruptcy in Alberta, you are allowed to keep 1 personal vehicle with equity of up to $5,000. s the truck have a lien against it?  If so, it would be returned to that lender.  Any shortfall when they sell it would be included in your bankruptcy. With respect to the car you want to keep.....if there's no loan against it, you're allowed a $5,000 vehicle.  If there is a loan, it's $5,000 equity, but you have to keep making the payments in order to keep it. The credit card debt would be dealt with in your bankruptcy. Donna Carson, CGA, CIRP, Trustee Calgary and Central Alberta regions 1.877.500.0792   [email protected]

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