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Hello, I have 3 questions regarding exemptions:
1. I am leasing a car, owned by Chrysler and I am currently up to date with all the payments. The Car is worth an estimated $27,000 and I have about $24,000 owing on it. The lease is up June 2007. If I file for bankruptcy in Alberta can I still be able to keep this car and continue making payments?
2. I have roughly $3000 in an RESP for my daughter. As this is for my daughters education will it be affected ?
3. I understand I am able to have up to $4,000 in household furnishings and appliances. Does someone come into my home to access the value of everything?
Thanks in advance!
posted by Questions @ 11:00 AM
1 Comments:
At 4:19 PM,
Barton Goth, GCO Inc. Bankruptcy Trustees said…
1. The car, as long as you are current on your payments you shouldn’t have any difficulty keeping the vehicle. Although it is always a good idea to contact licensed trustee in your area as they will be more familiar with the policies and practices in your area.
2. An RESP is not exempt, regardless of what you intended for the fund the legislation is very clear and they are lost if you file a bankruptcy. However, for those who want to ensure these funds a untouched you may want to explore the filing of a consumer proposal as it will allow you to retain these funds.
3. As long as the values are reasonable and no one takes exception to your valuation there won’t be any reason to attend your house and verify these amounts. But, remember when estimating things that the values you should use are at a liquidation or “garage sale” basis.
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