Exempt Asset

October 13th, 2008 by Questions

Hi:

Me and my wife are planning to file Bankruptcy individually (we have individual debt). The values of our asset (forced sale/garage sale value) are within the exempt amount of Ontario. Now my question is can we claim the following assets in the exemption list as part of exmpted property.

01. A used car valued 3,500 in my wifes name. She is unemplyed. The car is used for grocery and regular transport not related to work.

02. Musical Instruments. Two Keybords and Traditional Native South Indian Instrments.

03. Two Flat Screen TVs. One is used by my 8 yers old daughter and one by us.

04. Two Lap Top Computers. One belongs to my wife and other to me

05. One Stereo Set that includes Receiver, CD player, Tape Deck, Equalizer, Sub Woofer

Thanks in advance. Any help will be highly appreciated.

Posted from: Ontario

Questions

One Response to “Exempt Asset”



, Barton Goth - Goth & Company Inc. - Bankruptcy Trustees said:

In terms of the car. in Ontario you are permitted to keep one motor vehicle worth up to $5,650. So you shouldn’t have any issue.

Musical instruments often are not considered as exempt items unless they are used to make income, but this varies from province to province so I would suggest you discuss this with a local trustee .

The flat screen’s will depend on size and age, but likely be considered a luxury item (i.e. an item that is not found in the average household). Luxury items are not protected if someone files a bankruptcy. This same principle may hold true with the laptops and the stereo, but with electronics the answer is highly dependent on the specific equipment in question so you will need to contact a local trustee and provide them with more details. .

This

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