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.
- Unlimited clothing
- Household Personal furniture up to a value of $13,150.00
- Tools of the trade up to a value of $11,300.00
- Your vehicle if the equity is less than $6,600.00
- If the equity in your home does not exceed $10,000.00, the home is exempt
- Certain RRSPs
- Certain life insurance policies
- Pension plans
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.