Personal Bankruptcy

In some cases, personal bankruptcy is the only way to find protection from most bankruptcy creditors and cancel the bulk of your debt. When personal bankruptcy is declared, creditors no longer call you and bother you for payment. They no longer have the right to threaten salary seizures or other forms of harassment. In return, you assign your assets to the Trustee in Bankruptcy, who liquidates them and distributes the proceeds to your creditors.

Which assets Are Given to The trustee?

This is very important. Not everything you own must be given to the trustee. Some of the most common assets that are asked about by our clients are listed below :

Assets surrendered:

  • Life insurance policies with a cash surrender value (depending on the named beneficiary the policy may not have to be surrendered)
  • All cars, trucks, vans, etc., which have are not required for work 
  • All recreational vehicles
  • All real estate
  • Federal tax refunds and GST credits

Assets Not surrendered:

  • Personal effects
  • Furniture
  • Cars and other vehicles required for work (some criteria apply)
  • Pension funds
  • RRSP’S (except for contributions made during the last 12 months).
  • Child tax credits

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For a specific assessment of your situation, call for a free consultation with one of our professionals.