December 10th, 2015 by Questions
If I am insolvent and considering bankruptcy, can I move to a more favourable province to improve my situation in a bankruptcy?
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December 11, 2015 at 3:38 pm, Doug Stuive, CA | Trustee | CIRP said:
Regardless of where you file , all bankruptcies are administered under the provisions of the Bankruptcy and Insolvency Act which is federal legislation. The majority of the rules and laws associated with filing for bankruptcy will be the same throughout the provinces. There is an exception when dealing with the treatment of certain assets across provinces. In bankruptcy there are some assets that the Trustee is unable to seize for the benefit of your creditors. Some of these exemptions are outlined in provincial legislation and there could be certain benefits depending on the province where you live and the assets that you have. These exemptions will be applied according to the laws of the province that you lived in at the time that you filed for bankruptcy. The other thing to note is that there is a considerable amount of overlap between provinces and these exemptions do not vary significantly enough to consider moving to another province unless there are other reasons to make that choice.