The only way to file for Bankruptcy in Canada is through a Licensed Insolvency Trustee. The first step when filing for Bankruptcy is to contact a MNP Licensed Insolvency Trustee to discuss your debt options. If filing for Bankruptcy is the right step for you, your Licensed Insolvency Trustee will guide you through the Bankruptcy process.

Licensed Insolvency Trustees, like those at MNP Ltd., work with you one-on-one to understand your financial challenges, let you know what all of your options are and help find a solution that’s right for you. If you declare Bankruptcy or file a Consumer Proposal, your trustee will help you fill in all the required documents and file them with the federal government's Office of the Superintendent of Bankruptcy. Your Trustee will also let your creditors...

Each province in Canada has legislation dictating which assets you may keep in the event of a Bankruptcy. These assets are exempt — or excluded — from the assets that would be sold by a Licensed Insolvency Trustee for the benefit of your creditors. Read below to learn what exempt assets exist in your province.

If you declare Bankruptcy in British Columbia, you can keep: $12,000 equity in a principal residence in Greater Vancouver or the Capital Regional District; and $9,000 equity in all other areas of BC; $5,000 equity in one motor vehicle (but only $2,000 if you are behind in family support obligations); $4,000 in household furnishings; $10,000 in work tools; All necessary clothing and medical aids; and Property...

If you declare Bankruptcy in Alberta, you can keep: RRSPs, RESPs, RDSPs, most pensions in Alberta are generally exempt; Clothing (up to $4,000 in value); Household furniture and appliances (up to $4,000 in value); One vehicle (up to a $5,000 value); Tools and personal property you need to earn an income from your occupation (up to $10,000 in value); The equity in your principal residence (house or mobile home)...

If you declare Bankruptcy in Saskatchewan you can keep: Clothing, including jewellery that does not exceed $7,500; Required medical and dental aids; All household furnishings, utensils, equipment and appliances; Domestic animals kept solely as pets up to a value of $2,000; One motor vehicle not exceeding $10,000; Tools of trade (other than motor vehicle) required to earn income; Prepaid funeral services;...

If you declare Bankruptcy in Manitoba, you can keep: One motor vehicle, if necessary for work or transportation to and from work, not exceeding $3,000 in value; Furniture, household furnishings, and appliances not exceeding a total value of $4,500; Food and fuel necessary to family for a period of six months, or cash equivalent; Tools, implements, professional books, and other necessaries not exceeding a total value of $7,500...

If you declare Bankruptcy in Ontario, you can keep: Household furnishings and appliances not exceeding a total value of $14,180 For debtors engaged solely in the tillage of the soil or farming (i.e. farmers): not exceeding $31,379 for livestock, fowl, bees, books, tools and implements, and other chattels ordinarily used by the debtor in the debtor’s occupation For self-employed debtors: Tools of trade not exceeding $14,405...

If you declare Bankruptcy in Quebec, you can keep: Household possessions (such as household furnishings to the extent of $7,000 in Quebec, medical aids, personal items and tools or equipment required for the purpose of earning a living); RRSPs with the exception of any contributions made by the debtor within the (12) month period preceding the Bankruptcy; Cash surrender value of a life insurance policy provided the beneficiary...

If you declare Bankruptcy in Nova Scotia, you can keep: One motor vehicle up to a value of $6,500 or an amount of $6,500 if required for your employment and where there is not a loan outstanding specifically for the purchase of the vehicle ; Furniture, household furnishings and appliances used by a debtor or a dependent up to a value of $5,000 and where there is a not a loan outstanding specifically for their purchase; Tools...