Will I lose everything if I go bankrupt?
No! You will not “lose everything” the Bankruptcy & Insolvency Act is a business person’s Act – in other words it is written to benefit business both from the debtor and creditor perspective. The legislation provides solutions to debt problems that are designed, as much as possible, to rehabilitate and not to punish the person or company that is in debt. The Act has provisions for exemptions for property owned by individuals with the idea that you should be able to maintain a reasonable standard of living during and after a bankruptcy proceeding. For more specific details about how the rules apply to you talk to Tom.