2014-05-08
Even though bankruptcy laws are the same across the country, personal exemptions are different from province-to-province. In Québec, you generally get to keep your personal belongings up to a value of $6,000, as well as tools or equipment needed for your work, clothing and RRSPs (except for contributions made in the last 12 months prior to declaring bankruptcy). You may also possibly keep a leased car and your house, depending on whether there is any equity or value in the asset (i.e. the value of the asset less any lien or mortgage.) Each situation is different, so it’s important to discuss your individual case with a Trustee.
The assets you may lose will depend on what they are and if there are any liens or mortgages attached to them. Examples of assets that you would lose are a TFSA, RESP or a car that has no lien and has value.
For a complete review of what you can and may not be able to keep within Québec, set up a free, confidential consultation with a licensed Trustee to review your situation and learn about your rights and options.
2025-11-17
November 16-22, 2025 is National Addictions Awareness Week (NAAW) in Canada. Every year, organizations across the country observe this important week and do what they can to help those who may be struggling with addictions, while raising awareness and sharing information as to how family and friends can create support networks.
2025-11-13
Debt Solutions
Many may feel ashamed, embarrassed and completely overwhelmed about their debt. People experiencing debt-related stress often suffer from many associated health issues, such as sleepless nights, headaches, tension and more. And feeling out of control when it comes to managing their debt payments often prevents people from taking control of their financial situation. Not all debt results from overspending, living beyond one’s means, frivolous behavior or money mismanagement. To answer your questions about the stigma of debt, and to learn about the options available to you, tune into our Stigma of Debt VLOG series below with MNP's Licensed Insolvency Trustees.
2025-11-12
Bankruptcy Consumer Proposal
Summer fun doesn’t have to come with a hefty price tag.
