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Probably. It depends on a couple of factors. First of all, do you own your car, do you lease it, or do you have a loan on it? If you lease or have a loan, the lender is entitled to repossess the car, even if you have been keeping up with payments. On the other hand, lenders would much prefer for you to keep the car and keep making payments if they think you are a relatively safe risk. Talk to your trustee about how to approach them.
Secondly, each province has a different exemption dollar value on vehicles. If your vehicle is worth more than the exemption amount, you may be required to either sell it or to somehow come up with a sum for creditors for the difference between the provincial exemption and the car’s value. Again, your trustee can suggest the best solution.
IN THIS SECTION
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- Why did my trustee
tell me to file all outstanding tax returns?
- I’m declaring
bankruptcy because of taxes. Is this allowed?
- Will I
still owe my student loan after bankruptcy?
- I can’t afford
to pay back my student loan and it’s been less than seven years
since I left school-what are my options?
- How long does bankruptcy
last?
- Can I keep my car
during bankruptcy?
- Can I keep
my RRSP during bankruptcy?
- Can I keep
my home if I declare bankruptcy?
- Will
I still be able to rent an apartment or home if I declare bankruptcy?
- Can I
keep a credit card during bankruptcy?
- Is
it okay to use a credit card if I am thinking about bankruptcy?
- Can I
get a checking account after bankruptcy?
- I
co-signed on a loan for someone who declared bankruptcy. What happens
now?
- If I’m
married and I file for bankruptcy, does it affect my spouse’s
credit?
- If my spouse
declares bankruptcy and I am listed on their credit cards, am I responsible
for the debt?
- I am divorced
and my ex has declared bankruptcy. Do I still owe for debts and credit
cards that I co-signed with my spouse?
- If I file
for bankruptcy, will it be noted on my spouse’s credit file?
- Will filing for
bankruptcy affect my job situation?
- Who will find out about
my bankruptcy?
- Can I get utility services
(telephone, cable, hydro, gas, etc.) after bankruptcy?
- Can I keep
any money if I declare bankruptcy?
- What is surplus income?
- Can I go to jail
for not paying my debts?
- The
collection agency is threatening to take me to court: can they do
that?
- What happens
if a collection agency takes me to court?
- I am behind on my debt
payments; can a collection agency take my furniture, electronics,
clothes, etc.?
- I am
being harassed by a collection agency: what can I do?
- Can I stop a wage
garnishment?
- How do
I find out if someone is bankrupt?
- What is Chapter 7 bankruptcy?
- What is Chapter 13
bankruptcy?
- What happens if
I live in both Canada and the U.S. and declare bankruptcy?
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