519-646-2222WHAT CAN I KEEP IN A BANKRUPTCY?
It is simply not true that by going bankrupt you must forfeit everything you own to the trustee.
Many items are exempt from seizure, by your creditors or trustee, under provincial legislation. Some of these items include (in Ontario):
Necessary clothing No limit
Household furnishings and appliances $13,150
Tools for farming $29,100
Motor vehicle $6,600
Principal residence $10,000
Tools of the trade $11,300
Other assets may be exempt under other pieces of legislation such as RSPs, Pensions and Insurance policies. You should check with a local Licensed Insolvency Trustee for more details.