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.
2025-07-14
MNP Consumer Debt Index
Nearly half of Albertans (47%, +2 pts) report they are $200 or less away from financial insolvency each month — more than those in any other province — according to the latest MNP Consumer Debt Index.
2025-07-14
MNP Consumer Debt Index
Nearly two-thirds of Quebecers say they desperately need interest rates to go down (63%, -2 pts), according to the latest MNP Consumer Debt Index.
2025-07-14
MNP Consumer Debt Index
Younger adults and lower-income households are most likely to report stress, stalled life plans, and living paycheque to paycheque.
