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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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Do exempt assests double in joint brankruptcy?

Is it per person or household.?
For example, if a husband and wife file joint brankruptcy as all debt is joint.
Can we have two cars?, value up to $5600 each? Or if we only keep one car after filing, can we be given a gift of another during bankruptcy?. The logistics of our family becomes very difficult with one car.

Posted from: Ontario

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One Response to “Do exempt assests double in joint brankruptcy?”

A licensed trustee said...

The exemptions are per person, but with vehicles there is a catch. The vehicles need to be registered in the person claiming the exemptions name. If one spouse has both vehicles registered in their name then only one of the vehicles will be exempt…