house hold assets
If I declared bankruptcy due to credit card debt …with only assets of furniture , household goods ,TV etc . I have collected a lot of stuff over the years but most things have little value. What is the process of deciding what I can keep and what i cant . Does someone come to your home and search it and then take furniture ,household goods away . My living arrangement is ….My brother and sister and I rent a home in a co-op . They have their own belongings , tv ,vcr household stuff and furniture ,computer etc.
They have nothing to do with my credit card debt . They have receipts for any of their big ticket items but have a great deal of stuff ..books ,videos , tools etc. Can their stuff be taken bc it is in the same home . They have no financial difficulties . I have a student loan and about 12000 in credit card debt . Cards which i obtained in university .I now find myself on disablity ..430 dollars a month from social services .
What you get to keep if you go bankrupt in Canada depends on the province you live in.
To find the exemption list for your province, go to our main Bankruptcy Canada page and click on the name of your province on the left side of the page. You will be re-directed to a site for your province, and in the Frequently Asked Questions section you can find a list of provincial exemptions.
The rules are complicated, so you should consult a local trustee if this list doesn’t provide the necessary clarification.