2025-10-30
Debt traps and financial nightmares
Lifestyle Debt
Many Canadians are stuck in payday loan cycles. Learn how debt traps form, why they’re harmful, and what you can do to escape and regain control.
Timeshares Assets I Get To Keep
2008-11-25
When an individual files for bankruptcy or makes a proposal, they make a list of all of their assets (and sworn under oath). Certain assets are considered exempt and certain ones are non-exempt. Exempt means that they are protected from seizure or are an asset you get to keep. Timeshares are non-exempt. So if you file for bankruptcy, the timeshare will be an asset that the Trustee will have to realize on. When the Trustee has an asset that they have to realize on, they will review the option of selling it or having you buy it back from your bankruptcy Estate. This is subject to any of your creditors who may have taken the timeshare as security or collateral for their loan. There may be 2 assets that the Trusee will be reviewing....both the value of the timeshare itself, and the value of any banked weeks you may have in the pool. Donna Carson, CGA, CIRP, Trustee Calgary, Airdrie, Drumheller regions 403.537.7657 or 1.877.500.0792 [email protected]
Latest Blog Posts
2025-10-21
How we helped a client decide between a consumer proposal and bankruptcy
A client thought bankruptcy was their only way out. See how a consumer proposal helped them keep their home and repay debt with confidence.
2025-10-20
Seniors and Debt
Alternatives to Bankruptcy Bankruptcy Consumer Proposal Lifestyle Debt MNP Consumer Debt Index
Just when seniors should be relaxing and enjoying the fruits of their labour, many find themselves struggling financially — an unsettling contrast to the ease they’d hoped to live their golden years.
