What about my car in Canada ?

If I file for Bankruptcy, does it only affect my financial situation in the US ? A few years ago I was going to Quebec at least once a month for ski trips with my cousin. He didn’t have a car so I bought one there and let him use it. At the time it cost $10K. I have paid it off but I want to know if I will be forced to sell it and use the money against my debt. Should I consider gifting it to my cousin?

One Comment

  1. Not sure if your credit rating follows you. I think that it will at first, but once you establish credit in the new country, then they will abandon the US credit report. In regards to your vehicle, the bankruptcy laws look at the current retail market value in your area. Go to Kelly Blue Book or NADA and look up the retail value of your car. In New York, the state exemption for car is $4,000 and federal exemption is $3,675. Don’t forget that you could use your “wild card” exemption (depends on your case) to protect any additional value not covered by the exemption.

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