Can You Keep Your Car During a Bankrupty?
The Bankruptcy Act allows you to keep your vehicle which includes cars or motorbikes mainly used for your transport so long as the value of this vehicle is not above $7,900.00
The value refers to the value of the vehicle less and outstanding loan you have left on the vehicle. I.e. if you have a Toyota worth $25,000 but a secured loan on the vehicle of $20,000 you would be able to retain this vehicle.
If your vehicle is above this amount and you still wish to keep it contact us to discuss how you can contribute to your Bankrupt Estate and still end up retaining the vehicle.
Feel free to call us on (02) 8488 3126 for an obligation free confidential discussion on Bankruptcy and how it will work for you.