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Tools for work

I used to work as a cad drafter and computer ilustrator for an architectural firm until I got lay off 10 months ago. As I couldn`t find a job, 6 months after I lost my job I decided to start working at home as a free lance for the companies I used to work. I had to buy a new computer and software related to my profession. I made those purchases through my credit card. 4 months after those purchases, my financial situation is much worse and I am considering filling bankrupcy. The value of the computer was about $2,000 and the software $5,000. Is that going to be considered work tools? Will I be able to keep them? I am still unemployed.
Thanks.

Posted from: Ontario

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One Response to “Tools for work”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

These purchases would likely be considered assets purchased on credit and not paid for on the eve of bankruptcy. As a result, if you want to keep these items you will have to pay the purchase price into your trustee as part of your cost of bankruptcy.

The reason these are not treated as part of the exemptions as you really have never paid for the items, and when this is the case you must pay for them to if you want to keep them.