When might bankruptcy be necessary for you? You may find it necessary to file an assignment in bankruptcy if you cannot file a consumer proposal.
What assets do I get to keep? In general, technically, everything that you own is seized by the Ontario bankruptcy trustee and sold to repay your creditors. Under provincial law, however, certain things are exempt from seizure.
They include: $5,650 worth of personal possessions (clothing, jewelry, sports equipment, etc.), $5,650 worth of motor vehicles (cars, trucks, etc.), $11,300 worth of furnishings, $11,300 worth of tools of the trade (equipment that you use to earn a living) and certain types of life insurance.
There are Ontario Canada bankruptcy trustees who can help by engaging in a discussion with you about:
Arrange for a free consultation today.
For information regarding bankruptcy and alternatives to bankruptcy in areas of Canada besides Ottawa, or Thunder Bay, please visit Bankruptcy Canada to find help near you.