Filing Bankruptcy Ontario Canada
Personal bankruptcy in Ontario, Canada?
I ran into some financial difficulties and I think the personal bankruptcy. I live Toronto, Ontario, Canada. I understand that if you declare bankruptcy in Ontario, allows me to keep certain items. Does anyone know exactly what it is?
Hello Dan, I'm sorry about your situation. The act of filing personal bankruptcy in Canada vests the curator of his property (ie, becomes the legal owner own), he or she is required to liquidate the benefit of its creditors. There are some important exceptions to this rule, and the effects can still vary from province province. In Ontario, should be allowed to perform: personal effects of up to $ 5,650 personal vehicle use up to $ 5,650 furniture and household items to $ 11,300, Some life insurance policies, tools of trade to $ 11,300 can also keep your RRSP but all contributions made to it in a period of 12 months before filing for bankruptcy are "claw-back" by the administrator (eg, trustee receives the money they have contributed during this period). This applies to all provinces. Good luck!
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