What is Bankruptcy?
If you're an honest debtor who has fallen on hard times, you can opt for the legal process of bankruptcy, which is overseen by the Bankruptcy and Insolvency Act. This process allows you to obtain a discharge from your debts, subject to certain conditions.
By declaring bankruptcy, collection activities are halted, and creditors can no longer contact you. You can have a fresh financial start through this process however it is important to understand that filing for bankruptcy has long term impacts on your credit.
If you have thoroughly considered all other alternatives, filing for bankruptcy could be the appropriate decision to take. We will sit down with you and explain the entire process and answer any questions you may have.
Will I lose all of my assets?
One of the most common questions asked by those contemplating bankruptcy is, "Will I lose all of my assets?" Fortunately, the answer is no. There are several exemptions from seizure, including:
- Household furnishings valued up to $13,150
- Personal effects valued up to $5,650
- Tools of trade valued up to $11,300
- Motor vehicles valued up to $6,600
- Farmers' business assets valued up to $29,100
- Certain life insurance policies
- Most pensions
- Certain RRSPs
In case you have a close financial relationship with someone else, it is possible to file a joint assignment that will be treated as a single file. However, your debts must be similar in nature, and the trustee must determine that it is beneficial for all parties involved.
We offer a range of services, including credit counseling, consumer proposals, and bankruptcy. Regardless of your financial situation, there is a path that's suitable for you, and we are here to assist you in finding it. Let's work together to determine the best course of action for you.
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Talk to us about the services we offer for Debt Management, Consumer Proposals and Bankruptcy.
There is a path that's right for you. Together, we will find it.
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