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Alger Bankruptcy Services


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Alger & Associates personal bankruptcy services are
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Edmonton, Calgary bankruptcy Q&A forum

Author:

 

Robert Boyd

Question:

 

If I happen to go bankrupt, will I loose my beloved truck, my guns, my job and my girlfriend? What about my house? I need my truck to drive to work! And I need to drive far for work!



From:

 

Alger & Associates Inc.

Date:

 

Apr 15, 2013

Answer:

 

Robert There is no reason for you to lose your truck as there is an exemption available of $5,000 for a vehicle or $10,000 for personal property such as a Truck if you are self employed. At some point your truck would need to be valued to determine if it is worth more than the exemption amounts available, if so you would be required to pay the surplus to the Trustee. Your guns would need to be appraised and the value paid into the Trustee. Equity in your home is exempt up to $40,000, it would be a good idea to assess it's value through at least a Realtor Evaluation if you are concerned. Bankruptcy should not interfere with your employment. If you are concerned about the impact on your relationship, you should discuss the matter openly. Please contact me if you have further questions. Marie Kozlowski

Marie Kozlowski
T 403-296-3082
Marie.Kozlowski@ca.gt.com

 

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