What I Keep or Lose in Bankruptcy in Canada: Answers to Questions

Most Recent ‘What I Keep or Lose in Bankruptcy in Canada’ Posts

basic question

I am planning on filing for bankruptcy with my debts from my divorce(ext. 85,000)however the only thing that i presently own is my new pc that is worth over 3,000 which i am paying back which i do not want in my in my claim and my student loans, which will help me build my […]

Submitting receipts later

I am going to be declaring bankruptcy. It is my understanding that the bankruptcy will take all refunds I have owing on my past 5 years of unsubmitted and unrefunded taxes. I am on disability and money is very tight. When things were a bit better I had private health insurance. It used to be […]

Cashing in RRSP’s

I have an RRSP for approximately 500.00 plus any interest it has accrued. I have not actually put into motion the bankruptcy. Can I still cash that out and keep the money if I do it before I start bankruptcy proceedings? How long after I have started bankruptcy proceedings would it be before I could […]

Can I keep my income tax refunds?

I am going to be declaring bankruptcy. I have not filed an income tax in 6 or 7 years. I have never made enough to owe them money, and have always received a refund. My bankruptcy company said they will do my past income taxes. Other than to pay for the actual cost of the […]

bankruptcy and small claims court

I have a person “coming after” me concerning small claims court. I am now unemployed, am on welfare, soon to go on disability, and will be filing for bankruptcy. Can this person “get anything” from me? I do not have any assets per se, and any I do will go towards the bankruptcy or have […]

Excess car value

If your car is worth more than the allowable limit and it is paid for where can the money come from to pay the difference to the trustee so you can keep your car? If you have any money in the bank does it not belong to the trustee anyway? Can you borrow it from […]

income and expenses

i’m on longterm disability and live alone. My expenses exceed the threshhold for a single person. ex; disability payment is 2500 tax free and expenses are 2100 and cant be reduced. what is expected of me to pay in bankruptcy Posted from: New Brunswick

car

I have a car thats worth about $3000. and I am planning to claim for bankruptcy my question is would I be able to keep my car or would I lose it. Thank you Posted from: Alberta

tool of the trade

I am an owner operator with 1 truck. Is my truck a tool of the trade or is it classified under the $5600 vehicle allowance? Posted from: Ontario

inheritance

my dad is 82 – i will have to go thru either bankruptcy or proposal soon – if my dad passes and i receive an inheritance after being approved for bankruptcy or proposal, can i keep the inheritance? which route is better? thanks. Posted from: Ontario

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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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