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.
No, you do not lose everything when you file for bankruptcy in Canada. There are assets you can keep even if you go bankrupt. These are known as bankruptcy exemptions. Some exceptions to what you... Read more »
You might be considering a consumer proposal to pay off your debt but are unsure of its impact on your house and mortgage. The good news is a consumer proposal lets you achieve debt relief... Read more »
For people experiencing debt problems, finding a way to get out of debt and keep their home is usually their top concern. Ontario introduced exemption laws around home equity in 2015 that mean that you will not... Read more »
One of the main benefits of a consumer proposal is that your assets are protected while you achieve debt relief. This advantage is especially important if you have equity in your house, own a newer... Read more »
Do I lose my RRSP or pension if I file bankruptcy in Canada? Many people are worried that if they file personal bankruptcy they will lose their RRSP and other pension savings. In Canada, most... Read more »
Everyone thinks that a house provides both stability and financial security, but on today’s show, I’ll explain why that is not always the case. I’ve meet with thousands of homeowners over the last 20+ years... Read more »
Joint or shared ownership in a family cottage is not uncommon. When one co-owner faces significant debts, enough to consider filing for bankruptcy, this raises substantial concerns with other owners about keeping the cottage “in... Read more »
Are RESP’s lost in a bankruptcy in Ontario? One of the consequences of filing bankruptcy is that unless an asset is exempt in a bankruptcy, you are required to surrender your assets to the trustee... Read more »
Unlike RRSPs, there is no provision in the Canadian Bankruptcy and Insolvency Act to specifically deal with funds in a Registered Disability Savings Plan (RDSP) in the event the beneficiary files for bankruptcy. We discuss a recent... Read more »
Are you familiar with the expression of being “house rich and cash poor?” You might be wondering how that’s even possible. Or, you might be wondering what it even means. I see it more often... Read more »
How do real estate prices impact the number of people who file bankruptcy? To answer that question, we are pleased to release the Hoyes Michalos Homeowner’s Bankruptcy Index (“HBI”). The HBI shows the percentage of... Read more »
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