Having the use of a car or truck may be essential for you to get around. Many people are worried that they will lose their vehicle if they file personal bankruptcy.
In Ontario if you file for bankruptcy, you can claim one motor vehicle registered in your name with a value of up to $6,600 as exempt from seizure, provided there are no loans or liens registered against it. You can confirm if there are loans or liens registered against the automobile by obtaining a used car package at a Ministry of Transportation office or by conducting a Personal Property Security Search on line.
If you own more than one motor vehicle and you wish to keep the other vehicle(s). The value will need to be established in order for you to pay the bankruptcy estate the fair market price. Otherwise the licensed insolvency trustee will have to take possession and sell the vehicle(s).