In a bankruptcy, assets are important. Losing a car is a common concern for those considering filing a bankruptcy in Canada. All provinces have laws that exempt one vehicle up to a certain dollar amount from seizure by the trustee. For example, in Ontario, you can own a vehicle up to the value of $7,117 or less and its considered exempt. If, however, the vehicle exceeds the exemption amount, you may still be able to keep the vehicle. You could opt to buy back the non-exempt portion from the trustee during the period of bankruptcy. For example, if you owned a car with a value of $9,000, the non-exempt portion of the vehicle would be $1,883 (being the difference between the fair market value and the exemption amount). You could make monthly payments to the trustee during the bankruptcy to keep the vehicle. If you lease or finance a vehicle and file a bankruptcy, you can keep your vehicle if you are current and remain current on your car loan or lease payments. The leasing or financing company can, however, repossess your vehicle if you default on the agreed terms per the leasing or financing agreement.