It is important to understand what you lose and keep when you file for bankruptcy. At Yanch Dey & Associates Ltd., we explain to you the exemptions, what each one means and how it will be applied in your situation. In a bankruptcy in Ontario you can keep.
These are basic exemptions, but it is important to have a Licensed Insolvency Trustee explain to you what each one means and how it will be applied in your situation.
Tools of the trade are tools or equipment you require to perform your duties at work such as computers, hand tools etc. If you require your car for work then it can be considered for an exemption of $11,300.00 rather than $6600.00.
Certain investments do not have an exemption such as GIC’S and tax free savings accounts. You don’t necessarily need to worry about losing assets. We will work with you to figure things out. If you have an asset valued at more than the exemption limit, you may be able to keep it by paying the difference into your bankruptcy. This will be discussed at length with your trustee as each situation is different.
If you’re considering filing for bankruptcy, the first step is to call and arrange an appointment with the Licensed Insolvency Trustee. The trustee will discuss what debts you have, what assets you own, your level of income and what solution is right for you. There is no charge for the initial appointment to discuss your options.