Bankruptcy Question & Answer Forum - Canada

Author:		Sherri
Date:		December 14, 2005
Question:		I want to file bankruptcy and I have two vehicles, a 1998 Dodge and a 2005 Ford. I'm behind in cash advance debt and rent. Would I have to give up both vehicles and lose my house and would this affect the cash advance?
From:		Bruce, Alger & Associates Inc.
Date:		December 15, 2005
Answer:		You are entitled to a $5000 equity exemption in one vehicle and you might be entitled up to a further $10,000 exemption in another vehicle if required to earn income. The cash advance debt is one which is normally discharged with a bankruptcy. Bruce Alger phone: (403) 296-2970 balger@alger.ca