In Ottawa, Ontario you will be allowed to protect some of your assets from being liquidated after filing personal bankruptcy in Ottawa. The complete list of bankruptcy exemptions differs in some parts of the province. An Ottawa bankruptcy trustee can review the list for Ottawa with you in further detail.
The following is a basic list of exemptions in bankruptcy in Ottawa:
- Personal possessions up to the value of $5,000. This might include clothing, jewelry, antiques etc.
- An automobile up to the value of $5,000.
- Furnishings up to the value of $10,000.
- Tools of trade up to the value of $10,000. This includes any items that you use to earn a living.
- Some types of insurance and locked in RRSPs.
We highly recommend consulting a trustee in your area before filing for bankruptcy in Ottawa. Our bankruptcy trustees offer an initial consultation free of charge, and can explain exactly what you can keep, according to the list of bankruptcy exemptions in Ottawa.
