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.
2010-02-05
When filing for bankruptcy, your allowable asset values are the same whether you are married (with or without children) or single. In British Columbia, an individual filing for bankruptcy is entitled to keep the following assets:Essential clothes you and your dependents need.Household furnishing and appliances up to $4,000 in value.Equity in one vehicle up to $5,000 (or up to $2,000 if you are behind on child family support payments).Tools and other assets (up to $10,000 in value) you need to earn an income from your work.Medical and dental aids you or your dependants need.Equity in your principal residence (up to a $12,000 value if you live in Metro Vancouver or Victoria, or $9,000 for the rest of the province).RRSPs – in some cases, you keep the full amount; in other cases, you keep the full amount except for contributions made in the past 12 months. Note that when you file for bankruptcy, only your personal assets are counted in the bankruptcy. Feel free to email or call me directly if you have any other questions about this. Regards, Lana Gilbertson, Trustee MNP – Vancouver 604 637 1599
2025-10-21
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
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.
2025-10-17
This is called buyer’s remorse. In some cases, Canadian law provides protections that can help you reverse these costly decisions and avoid sinking further into debt.