What I Keep or Lose in Bankruptcy in Canada: Answers to Questions

Most Recent ‘What I Keep or Lose in Bankruptcy in Canada’ Posts

matrimonial home

my husband and I are joint tenants of our matrimonial home. I may need to consider filing for bankruptcy due to a large CRA tax assessment which I may not be able to pay. If I declare bankruptcy, will I be forced to sell my share of the matrimonial home? Posted from: Ontario

Buying Back Vehicle From Trustee

My only vehicle is worth about $7K and I believe that the Ontario vehicle bankruptcy exemption is $5,650. I have no other assets or no surplus income. When I go bankrupt can I pay the trustee the $1,350 difference over time so I can retain the vehicle? If this is the only money the trustee […]

Shared Cottage

For a family owned cottage, if one family member declares bankrupcy, does their legally owned share of the cottage become available to the creditors, if so, how does it work? Posted from: Ontario

out of province property

I live in Alberta but own property in B.C. The property is clear title but is owned jointly with my soon to be ex spouse. what would happen in such a situation like this if I were to file personal bankruptcy. Posted from: Alberta

Foreclosure &/or Bankruptcy

We bought a house that is going to foreclose because we cannot afford to pay for it and it is unliveable. We have racked up debt trying to take care of the problem on our own this past year and now can hardly afford to buy food so we have to stop our mortgage payments. […]

land

If I receive a piece of land from my parents, can it be taken from me in bankruptcy? Posted from: Nova Scotia

Senior Citizen

My father is considering Personal Bankrupcy….he is a widow, and has no assets other than the trailer he lives in, in the summer…1980 trailer, and the trailer he lives in, in the winter in Florida. He does not owe back taxes but owes on credit cards (11 cards- average of apprx. $15000. each) He has […]

gic

i have a GIC which is in trust for a family member, will bankruptcy take this too? Posted from: Ontario

Education fund and Bankruptcy

Why would my 19 year old son lose an education fund that was set up for him 17 years ago when I have to declare bankruptcy?He is the beneficiary…. Posted from: Newfoundland and Labrador

Will we lose both vehicles?

Hi My husband is thinking of filing for bankruptcy, as we have gotten into trouble with credit cards. We currently have 2 vehicles. A mini van, which I use and a car my husband uses for work. The car is paid for and we are still paying for the mini-van, payments are up to date. […]

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