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| Author: |
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Kelly |
| Date: |
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January 2, 2003 |
| Question: |
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I am unemployed and my benefits will be running out in about 1 month. I owe approximately $12,000 to three credit card companies. I own a 1999 Saturn. If I declare personal bankruptcy, will I lose my car? I have just moved from NS to BC. Will the person I'm living with be affected by my filing?
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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January 2, 2003 |
| Answer: |
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In B.C. the vehicle exemption is $5,000. Any value over that amount must be recovered by the Trustee. If you are still paying a secured creditor for your vehicle, however, you may be able to keep the vehicle if the creditor allows you to keep paying.
Your partner should not be affected if you file, unless they have co-signed on any of your credit cards.
You can find a Trustee in B.C. on the website: www.bankruptcycanada.com
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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