Question Asked...
Can you please tell me how long after one files bankruptcy can they own assets without the risk of loosing them e.g. vehicle? Thanks!
Posted from: Ontario
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Even during bankruptcy you all your assets are not at risk of being lost. Each province has a list of exemptions (i.e. property that is protected from seizure during a bankruptcy).
The bankruptcy exemptions (what you are allowed to keep) include:
- $5,650 worth of personal possessions (clothing, jewelry, sports equipment, etc.);
- $5,650 worth of motor vehicles (cars, trucks, etc.);
- $11,300 worth of furnishings;
- $11,300 worth of tools of the trade (equipment that you use to earn a living); and
- Certain types of life insurance.
Legally, everything else that you own is seized during bankruptcy, sold and the proceeds used to repay your creditors.