You are permitted to keep some assets in a bankruptcy. These exemptions are set by various federal and provincial laws. For personal bankruptcy in Ontario, the following assets are exempt.
Until now, the in bankruptcy, if you have a motor vehicle that was worth up to $5,650, it would be exempt. But now, the exemption amount has changed. You can now have a vehicle worth up to $7,117 that is exempt from seizure, or have $7,117 of equity in a vehicle. For example, if you have a vehicle worth $100,000, with a lien of $93,000, the vehicle is exempt.
If you have any questions regarding your assets, contact us today. We are here to help.