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Calgary bankruptcy Q&A forum

Question:

 

Hello. I am living in a common law relationship, are finances are separate , how is bankrupcy oing to affect my partner? I have a 2010 ram truck that is paid for and a small car that is not paid for , can I keep my truck ? And give the car back ? Thank you


From:

 

Grant Thornton Limited

Date:

 

May 30, 2016

Answer:

 

Hi Nancy, Filing for a bankruptcy or consumer proposal should not affect your common-law partner unless you hold joint debts together. As for the vehicles, you can choose to surrender the financed vehicle to the lender and keep the 2010 Ram Truck. There are certain assets that are protected from your creditors. A vehicle with equity not exceeding $5,000 is protected. If the value of your 2010 Ram truck is more than the $5,000 then we can discuss different options to deal with the vehicle. You will not automatically lose it. Please contact our office at 310-8888 for a no charge consultation to review your financial options.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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