Personal Debt Solutions Canada - Bankruptcy Exemptions
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Bankruptcy Exemptions in Canada
What assets can you keep if you go bankrupt?
Despite what you may have heard, you can keep some of your possessions when you file for bankruptcy. These assets are called bankruptcy exemptions.
What kinds of assets are exempt in a bankruptcy in Canada?
In Canada, the federal Bankruptcy and Insolvency Act defines three kinds of exemptions:
"Other exempt property" is defined by the provinces, usually includes the following items, with certain dollar limits. Since these values vary greatly from province to province, it is important to take a close look at the limits applicable for the province you reside in.
Other exempt property/assets
Please Note *** Personal Debt Solutions Canada strongly recommends that you contact a trustee in bankruptcy in your province to review your situation. The Trustee will examine your circumstances and be able to determine which assets would be exempt if you were to file for bankruptcy. Knowing what you can keep if you go bankrupt in Canada is as important as knowing what you may lose if you go bankrupt in Canada.
For details on what you can keep if you go bankrupt in your Province and the rules for bankruptcy exemptions in your Province, please consult a trustee in your area.