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Nova Scotia bankruptcy Q&A forum

Question:

 

Your web site says a bankruptcy is allowed 3000 value for a vehicle. Would that allow 3000 equity in a 2016 vehicle that I am making payments on, or would I lose the vehicle and have to purchase a used vehicle valued under 3000, and how would i do that after bankruptcy. I do home care in the country and need a reliable vehicle and have 2 small children as well. Ex spouse has declared and forcing me to.



From:

 


Grant Thornton Limited

Date:

 

Apr 18, 2017

Answer:

 

Hi Carrie: Thank you for your question. The exemption usually addresses vehicles that are owned outright and not financed. If your vehicle is financed and it is not worth more than you owe on it, typically, as long as you can continue payments to the secured creditor your vehicle would not be affected in a bankruptcy filing. We would be happy to review your situation with you in more detail to advise on what options are available to you. I encourage you to call our toll free number in Nova Scotia 310-6060 to set up your free consultation. ~Krista

Grant Thornton Limited
T 310-6060
askanexpert@ca.gt.com

 

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