Bankruptcy Exemptions & Consumer Proposals in Ontario
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Bankruptcy exemptions in Ontario
If you file for bankruptcy in Ontario, according to Ontario federal law, you are entitled to keep certain items as legislated in the Ontario Execution Act.
Under the Bankruptcy and Insolvency Act, there are certain bankruptcy exemptions. To help you understand a bit more about what you can and cannot keep when you declare bankruptcy in Ontario, we’re going to answer those all-important questions about provincial bankruptcy exemptions.
Harris & Partners is a specialist Licensed Insolvency Trustee with offices based across Canada. Authorised by the federal government, our specialist licensed insolvency trustees provide debt relief solutions to individuals and businesses struggling to manage their debt.
Contact us today for a free consultation with one of our expert bankruptcy trustees and we’ll help you get yourself back on track.
How does a consumer proposal work in Ontario?
Consumer proposals is a debt relief option that is often seen as an attractive alternative to bankruptcy. Consumer proposals are useful because bankruptcy may not be the best option and should always be considered a last resort, dependent on your unique circumstances.
A consumer proposal can allow people to keep control of their assets and pay back far less to creditors. This agreement can enable you to pay your debt back in a single monthly payment that you are able to afford.
Your creditors will also not be able to take action against you when a consumer proposal has been agreed and you can spread your repayment period over a number of years to make it easier and more manageable to pay back.
If you are based in Ontario and want to find out more about the process of filing a consumer proposal, get in touch with us today.
Ontario bankruptcy exemptions
- All clothing.
- One motor vehicle worth up to $6,600.
- Household furniture up to $13,150.
- Your principal residence if the equity is valued under $10,000.
- Most pension plans and some life insurance plans.
How can I find out more?
If you want to find out more about personal bankruptcy exemptions and consumer proposals in Ontario, please contact your local Licensed Insolvency Trustee for further information.