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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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Assets and bankruptcy

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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One Response to “Assets and bankruptcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

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.