Bankruptcy Exemptions — assets you can keep if you file bankruptcy in Thunder Bay or throughout Ontario.
Necessary clothing: No limit
Household furniture and appliances: $13,150
Motor Vehicle: $6,600
Principal residence: $10,000
Tools of the trade: $11,300
The livestock, fowl, bees, books, tools and implements and other chattels ordinarily used by the debtor in the debtor's business or calling not exceeding $29,100 in value;
Sufficient seed to seed all the person's land under cultivation, not exceeding 100 acres.
Fourteen bushels of potatoes;
Where seizure is made between the October 1st and the April 30th, such food and bedding as are necessary to feed and bed the exempt livestock and fowl until the following April 30th.
For all provinces:
RRSPs - are exempt from seizure with the exception of any contributions made to RRSPs during the 12 month period prior to the date of bankruptcy.
Assets you can keep in bankruptcy in other provinces
Each individual's situation is unique. To speak to someone now about all debt help options, including bankruptcy, in Thunder Bay or Northwestern Ontario call us at 310-8888 for a free, no obligation, confidential consultation.
979 Alloy Drive, 3rd Floor
Thunder Bay, Ontario P7B 5Z8
T +1 807 345 6571
F +1 807 346 7304
TF 310 8888
Make an appointment