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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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General Question

Hi,
I have a general question regaurding bankruptcy and what creditors will or will not take from you if you file. I see that the equity you are aloud to keep is $4000 for British Columbia, what does this mean? I am single, I live in an apartment, I have no car and I do not own a home. My debt is credit card and line of credit debt. I do not own very much in the way of property, a computer, a bike, some cds and clothes is more or less all I have. Im under the impression I would keep all the things should I ever decide to file for bankruptcy, is this correct?
thank you for your time!

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One Response to “General Question”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

The exemptions in BC are as follows:

1. necessary clothing of the debtor and the debtor’s dependants.;
2. household furnishings and appliances that are of a value not exceeding $4,000;
3. one motor vehicle that is of a value not exceeding $5,000 if the debtor is not a maintenance debtor under the Family Maintenance Enforcement Act and $2,000 if the debtor is a maintenance debtor;
4. tools and other personal property of the debtor, not exceeding $4,000, that are used by the debtor to earn income from the debtor’s occupation; and
5. medical and dental aids that are required by the debtor and the debtor’s dependants.

From the sounds of it most of your items would fall under category #2 and you would be permitted to keep (unless you have an unusually expensive computer or bike, then these would be considered luxury items and you could expect to loose these). One thing to keep in mind is when valuing the items it is based on auction or liquidation values, not replacement values.