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.
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Debt collection can be a daunting experience for many Canadians. Navigating the process alongside MNP’s team of experts can help you better understand how it will impact your credit score and gain the knowledge needed to maintain your financial health well into the future.
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Filing a Consumer Proposal can feel overwhelming, but it’s not the end of your financial journey.
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Alternatives to Bankruptcy Bankruptcy
How can you reduce food waste? These strategies can help benefit both the environment and your bank account.
