FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

URL

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Assets that I can KEEP…

I reside in Ontario.
I see that in Ontario I am allowed to keep a
– motor vehicle up to $5650
– Tools of the trade up to $11,300

Who and how is the value determined for both of these item. Does someone come to my house to see the motor vehicle and/or tools of my trade ?

Thanks

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Assets that I can KEEP…”

Barton Goth GCO Bankruptcy Trustees said...

Initially you will provide the valuation to the Trustee. It is then up to the trustee to verify if the value is appropriate.

In the case of a vehicle this will likely be done using a black book value, appraisal from an auctioneer, or some other similar method.

As for Tools of the Tade it is a little more difficult as the resources to obtain values are not as common. In practice what happens is the trustee typically gets a summary of what types of tools you have and looks at the valuation to get a gut feel. If the trustee feels comfortable with the value he will present it to the creditors the way it stands and waits for their reaction, if not the trustee may require an appraisal from an auctioneer.