June 21st, 2006 by Questions
Could you explain the difference between going bankrupt in Ontario and BC please?
June 22, 2006 at 7:11 am, A licensed trustee said:
The main difference is the provincial exemptions (the things that you are allowed to keepif you file an assignment in bankruptcy). If you use the links on the bottom left of the page and go to each of the provinces you will find details on what their exeptions are.
From a practical standpoint, you should file where you reside – there’s not much point in filing in Ontario if in two weeks you will be moving to BC. In most cases moving won’t cuase a problem, but if anything goes worng and you are required to appear in Court it will be in the province that you filed. If you file in Ontario and move to BC, but have to appear in Court it will be in Ontario.
There are a couple of other factors – you can’t file in a province that you don’t reside in unless the majority of your business dealings and/or creditors are based there. That means you can’t “shop”for the province with the best exemptions, go there for a day and file.
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