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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.

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Value of excempt items…

I reside in Ontario and see that you have outlined the following that are excempt in Ontario when filing for bankrupcy.
-Furnishings $11,300
-Personal effects $5,650
-Tools of the trade $11,300

Who and How IS that value determined for each category ? Do I decide what the value is for items that are excempt ?

Thank-you

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One Response to “Value of excempt items…”

Barton Goth GCO Bankruptcy Trustees said...

Typically you will assign a value. This value is examined by both the trustee and the creditors and if anyone feels these values are suspect then it would be up to the trustee to determine the exact valuation.

So it is imposrtant you try to estimate them as closely as possible. If you are having trouble doing this you can consult with a local trustee and they will be able to assist.