Question: I have a car that is worth more than 5650. If I file for bankruptcy in Ontario, Since it is my only vehicle, would I be able to keep it and pay the difference via my monthly payments to the trustee? eg / the car is worth 8000 and I am allowed 5650. So I would pay an additional 2340(8000-5650) over the 9-21 months.
Answer: Yes, you can make arrangements with your trustee to pay the non-exempt portion of your vehicle over the period of the bankruptcy so that you can keep your vehicle.