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

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

tax on exemptions

When determining value of exemtions, are taxes added? For instance, in Ontario, a car is exempt to $5650. Is that the pre tax value?

I live in New Brunswick, and my husband and I are thinking of filing for bankruptcy, but we don`t want to lose our home. We have a first and second mortgage. the first for $123K, and the second for $34K, but the house would only sell for between $165K and $170K. We are able to […]

Group RRSP with employer

Hi,I live in Ontario. I may have to file before Bill-12 becomes law. However, I tried to withdraw my $30000 RRSP to pay some debts but although not technically locked in the group plan is in my employers name and they said it was their policy to not allow any withdrawals until retirement. We will […]

Two cars….Joint Bankruptcy

After 30 years of good credit, my wife and I have considered bankruptcy for the first time. We are almost $75,000 in debt after an illness has left me on permanent disability. We already remortgaged 3 times to clear bills and now have no equity. My wife has a $250/mth leased car she needs for […]

Federal tax debt

I owe $121,000 in federal tax. I have NO assets except my Van that I drive to work. Can I claim bankrupcy and will they take my transportation?

house in husband`s name

If I declare personal bankruptcy and the house is in my husband`s name, will it be affected?

Money from wedding social

My fiance and I live in Manitoba. I have just filed for bankruptcy. In Manitoba, it is somewhat traditional to have a wedding social prior to the wedding – our social is planned for the summer. The idea of the social is to help pay for the cost of the wedding. Will we be allowed […]

need help

we recently moved to a new city but want to keep our old property(5 gen. family farm.)now that we are here we are struggling as I am self employed and moving costs etc. Question.the house we live in in the city is under my wife and father in-laws name and the farm is under my […]

car lease

I currently have a leased car that i get to work in .. will i have to let that go ?

account

My son is going to claim bankrupcy. My mom has an account in his name – she owns the account and he does not have any access to it. Will bankrupcy take that money?

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