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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Cash Exemption

I am in Ontario. Execution act lists a number of exemptions, car, tools of trade, etc, but how about Cash. let’s say that on date of bankruptcy I have 3 cheqing accounts and each has c.a. $500.00 balance whcih is intended for groceries and next month rent which is due in few days. Should I on the date of assignement surrender every last cash penny to the Trustee or may I keep something?
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One Response to “Cash Exemption”

A licensed trustee said...

There is no exemption for “CASH” – your trustee will allow you to keep a reasonable amount of money on hand to pay living expenses, but not any “extra”. This is a conversation that you need to have with your trustee before you file to make certain that everyone clearly understands what will happen when you do file.