2008-03-18
Everyone in Alberta is allowed up to $5,000 of equity in their vehicle (i.e. the car value less secured debt on the car) If your car is free and clear, you will be given the opportunity to keep the car and contribute the excess of the value over $5,000 into the bankruptcy estate. This excess can be paid monthly over the course of your bankruptcy. If the car is secured to a lender, we will take a look at the total debt due on the vehicle as compared to the value of the vehicle. In most cases, the secured debt is more than the value of the car. If so, there is no excess equity and you will have the option of keeping the vehicle and continuing with the monthly payments. If the value of the car exceeds the secured debt, you still get the $5.000 exemption.
2026-07-13
MNP Consumer Debt Index
Atlantic Canadians (68%) are more likely than those in other provinces to say at least half of their income is already committed to bills, debt payments, and regular expenses before it arrives.
2026-07-13
MNP Consumer Debt Index
According to the latest MNP Consumer Debt Index, three in five Canadians (61%) say at least half of their income is already committed to bills, debt payments, and regular expenses before it arrives.
2026-07-13
MNP Consumer Debt Index
According to the latest MNP Consumer Debt Index, nearly three in five British Columbians (58%) say at least half of their income is already committed to bills, debt payments, and regular expenses before it arrives.
