Understand how your assets and property are affected when filing for bankruptcy or a consumer proposal in Canada. Learn about exempt assets you can keep, including basic household items, tools of trade, and certain registered savings accounts. Discover what happens to your home, vehicle, and other valuable possessions during insolvency proceedings. Get information on how property is valued and what factors determine whether you can retain specific assets. Learn about the concept of equity and how it impacts asset retention. Understand the differences in asset treatment between bankruptcies and consumer proposals. This section provides crucial information to help you make informed decisions about your property when considering debt relief options.
Worried about losing your assets? Contact Hoyes Michalos for a free consultation. Our Licensed Insolvency Trustees will explain how your property might be affected and help you explore options to protect your assets.
Your income tax refund is treated as an asset in a bankruptcy. Learn more about what exactly happens to your refund under a consumer proposal vs. bankruptcy. We also explain how CERB tax debts are dealt with in a filing.
There is a common misconception that when you file for bankruptcy in Canada, you lose everything. But that's not true. In this post we outline exempt and non-exempt assets in a bankruptcy and how a consumer proposal actually allows you to keep everything.
Are leased or financed vehicles included in your bankruptcy? Learn how car payments are treated in a bankruptcy or consumer proposal and what happens to your car loan or lease obligation.
Do you own a joint asset with an individual who is declaring bankruptcy? Find out the impact that bankruptcy has on jointly owned homes, vehicles, and bank accounts, and what you can do.
Learn what happens to “cash windfalls” like an inheritance or lottery win when you file bankruptcy and how you can keep these funds in a consumer proposal.
A consumer proposal deals with unsecured debts, not secured debts like a mortgage. If that's the case, find out how filing a consumer proposal affects your home equity, an existing or even qualifying for a future mortgage?
Did you know that if you file for a consumer proposal your assets are fully protected? We break all the information down for you, from how a proposal affects your home, vehicle and other investments.
Bankruptcy law does not protect RDSPs but the courts have ruled that they are exempt assets. Learn what this means for your registered disability savings and your bankruptcy.
How does filing for a bankruptcy affect different registered financial accounts? Here is our comprehensive guide on how RRSPs, RRIFs, RDSPs, DPSPs, TFSAs, RESPs and others are treated in a bankruptcy.
Are you or someone you know filing bankruptcy and they have a share in a family cottage? Learn about how shared real estate is dealt with in a bankruptcy and other options you may have.
Will you lose everything if you file for bankruptcy in Ontario? We explain what assets you keep by law, what you may lose and an alternative option you may have so you can keep everything.
Do you want to learn more about how insolvency can affect your home? This blog outlines Ontario’s exemption law on home equity, current mortgages, and strategies to plan your way out of debt while keeping your house.
How you finance a car purchase can lead to financial problems. Find out how longer term car loans and rollovers are contributing to loan shortfalls and insolvency filings.
Air miles points and other loyalty program points are considered your personal property. We explain what assets are included and exempt from a bankruptcy, and what happens to your loyalty points.
Are you deciding if it’s a good time to enter the real estate market? Real estate expert, Ben Rabidoux, explores Canada's current housing market, household debt and things to consider before buying.
Debt Relief Experts
