Will a bankruptcy help me if I have a house and the mortage is larger the the porperty value?
What happens to my house and mortage if the debt far exceeds the equity in my home? Can I file bankruptcy and keep my home and car? Posted from: Ontario
What I Keep or Lose in Bankruptcy in Canada: Answers to Questions
Most Recent ‘What I Keep or Lose in Bankruptcy in Canada’ Posts
Tools of the Trade and Furniture
I am just curious to know. When I file for bankruptcy, how is it determined that the furniture or other items within the household are belonging to me or my wife. My wife is NOT filing, only I am. I know that there is a limit that is exempt. The furniture has a value of […]
Do they take household furniture when someone files bankruptcy?
Do they take your funiture? Posted from: Ontario
provincial gouverment debt
Can I file for bankruptcy also with a debt with the provincial gouverment? I was working while I was collecting welfare for about a year and a half($25,000)approx. I am going to file for bankruptcy because of my many other debts too. I was wondering if that could be included in the overall bankruptcy filing. […]
Handling of Shareholder`s Loans when Shareholder Files Personal Bankruptcy
I ran into financial difficulties and I am considering filing bankruptcy. I own 50% of the shares of a LTD company, and I have loaned $50,000 to the company a year ago. I know once I file personal bankruptcy, the trustee will demand the company to repay the $50,000 because that is my asset, and […]
RRSP gray areas
As an Ontario resident, I understand my RRSP is protected if; It is locked in or is with an insurance company with my spouse as beneficiary. However: 1. Although my RRSP is not legally locked in, when I tried to cash it to help pay debt. my employer would not let me. The group plan […]
Personal Taxes
What is the purpose of filling two separate income tax returns on the year of the bankruptcy if the Trustee is going to keep all of the credits? Why the credits are not pro-rated?
Motor Vehicle Lease
Am I allowed to keep my leased vehicle if I claim personal bandruptcy?
2 Vehicles
Hello. I live in Ontario. I would just like something clarified. If or when I file for bankruptcy, will I be able to keep both my cars. Vehicle #1 value = $4500 Vehicle #2 value = $ 200 (yr 1989) Vehicle #2 is basically a write-off as it is almost 20 years old, however it […]
House in bankruptcy
We live in BC. I may have to declare bankruptcy, but my wife does not have to. We jointly own a condo. The equity in it is approx $60K although there is an outstanding assessment which may be up to $20K for repairs. Due to the assessment we cannot sell. Will I be able to […]