Question: If I have a car worth $800.00 and motorcycle worth $6,500.00 with no liens against them, will they try or can they take the motorcycle – or would I have to pay the difference of total value $7,300 – $5,650.00?
Please let me know
JK
Answer: If you file bankruptcy in Ontario, you are permitted to keep one motor vehicle worth up to $5,650. So yes, in your case you would be required to pay the difference, $7,300 – $5,650 or $1,650 if you wanted to keep both vehicles.