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111 Waterloo Street, Suite 310
London, ON N6B 2M4

WHAT CAN I KEEP IN A BANKRUPTCY?

September 5, 2017

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.