Comments on: Assets and bankruptcy http://www.bankruptcy-canada.ca/what-i-keep-or-lose-in-bankruptcy-in-canada/2009/04/assets-and-bankruptcy.html Personal Bankruptcy Canada Blog Fri, 10 Feb 2012 15:23:44 +0000 hourly 1 By: Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy http://www.bankruptcy-canada.ca/what-i-keep-or-lose-in-bankruptcy-in-canada/2009/04/assets-and-bankruptcy.html#comment-97853 Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy Wed, 29 Apr 2009 13:53:08 +0000 http://www.bankruptcy-canada.ca/what-i-keep-or-lose-in-bankruptcy-in-canada/2009/04/assets-and-bankruptcy.html#comment-97853 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. 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.

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