What Can I Keep If I File For Bankruptcy?
It is always suggested to refer to your trustee in bankruptcy regarding specific item you can keep and each bankruptcy is a case-by-case issue, however, you can retain certain property and assets when you file for bankruptcy. In some provinces, you are allowed to keep certain personal effects. For example, clothing, jewelry, tools and sports equipment and it may be possible to keep furniture up to $10,000.
In addition, if you happen to own your car outright, it may be possible to keep it if it is worth less than $5,000.
In addition, all Registered Retirement Savings Plans (RRSPs) are protected and cannot be seized. However, it is important to note that any contributions made to an RRSP in the 12 months leading up to the bankruptcy will be seized.
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. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.