No job, no savings, living as a dependent who is on Social Assistance…what can I lose?
My credit card / student debts have skyrocketed to the point of being put in collection agencies. I live as a dependent under a parent who receives social assistance. I am unemployed (though not for lack of trying, I assure you). We live in an apartment and the most expensive thing we own is a $1200 television (which we own because we are essentially kept indoors because of my parent`s health issues). We also have two pets. All our furniture was either purchased second-hand (Salvation Army store) or given to us. Nothing is new. No vehicles or anything of the sort. Can I and therefore my parent lose what little we have anyway by filing?
Posted from: Ontario
Typically when a bankruptcy is filed very few people loose personal items or household furnishings
What takes place is each province sets a list of exemptions that stipulates the type and value of thsee items that you can keep in bankruptcy.
In Ontario you are permitted to have $11,300 of household items. So based on the description you have provided I think you will be well below this cut-off and therefore none of these items are at risk of being lost.