I am considering filing for bankruptcy. I have approximately $37,000.00 in credit card dept as well as a personal loan (app. $17,000.00) for a vehicle and I also lease a second vehicle. I have managed to barely keep my head above water with what I earn until now. I have been off work with a health problem that requires surgery. I will have used up all of my sick time from work before I have even seen a surgeon and have been told by my doctor that I cannot return to work. This will mean that I will go on disability which only pays 60% of my present income. With that I know I will not be able to meet my financial obligations. My question is will I be able to keep one of my vehicles?

If you can afford to maintain the payments on a vehicle, and the creditor allows you to continue making the payments, then you are able to keep a vehicle. If you own a vehicle outright you are allowed to keep it in bankruptcy if it is worth $5,000 or less.

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