Personal Bankruptcy Forum


Author:   Anonymous
Date:   December 7, 2002
Question:  

In Alberta, if I have a vehicle worth, say, $7000 and with no loans on it, how can I arrange to keep it? I haven't driven it for the last two years because it needs repairs I haven't been able to afford so it's been uninsured and unregistered. Also, would the value of the vehicle be reduced by repair bills to get it running?

 


From:
 

Ann Clarke, Collins Barrow Limited
Date:   December 9, 2002
Answer:   The usual procedure in a bankruptcy would be to obtain an appraisal on your vehicle to determine its liquidation value. If the value exceeds the $5,000 exemption limit you could pay the Trustee that amount during the term of the bankruptcy and keep the vehicle.

Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca




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