What assets will I lose if I go bankrupt?
You may not lose any assets at all. If your property falls within the provincial exemption levels, your assets are yours to keep. If you have more than is allowed, or investments which the trustee is required to address, you can set up a payment plan to allow you to keep them in place. Many secured assets, such your house or car, have minimal value once the debt against them is taken into account. Even if this amount is significant, the trustee will work with you to calculate reasonable payments. Talk to a trustee to find out your unique position in respect of your assets. You may be surprised at what you hear.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.