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SC |
| Date: |
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May 2 , 2002 |
| Question: |
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I am considering declaring bankruptcy however I have a car that I can still afford to make the payments on. I cannot lose my car as I require it for work. It is worth over the $5000.00 (probably $8000). Is there any way to accomplish this or do I have any other options?
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From: |
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Ann Clarke, Collins Barrow Limited |
| Date: |
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May 3, 2002 |
| Answer: |
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The $5,000 vehicle exemption in Alberta refers to equity in a vehicle (the amount remaining after loans against the car are paid out.) Most financed vehicles have no equity. During bankruptcy you can continue to make the payments and keep the car if the secured creditor allows you to do so.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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