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If you owe more than $1,000 and you are unable to pay back your debt, you may be eligible for Bankruptcy.
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...
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