Category Archives: Bankruptcy

The length of bankruptcy in Canada is determined by the Bankruptcy and Insolvency Act. How long a bankruptcy lasts for Canadians is affected by several key factors including whether you have filed for bankruptcy in the past, your surplus income and the amount of tax debt you owe. 1. First… Read more

If you don’t pay your debts your creditors can go to court to sue for the amount owing to collect your debts through a wage garnishment. If a creditor garnishees your wages, they obtain court garnishment order that directs your employer to make payments out of your pay to the… Read more

The concept behind personal bankruptcy in Canada is this: you assign (surrender) everything you own – except properties listed as bankruptcy exemptions (explained below) – to a trustee in bankruptcy in exchange for the elimination of your unsecured debts. Bankruptcy Exemptions Basics When it comes to bankruptcy exemptions, the rules… Read more

In most provinces, including Ontario, all Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs) are now exempt from seizure in a bankruptcy, except for contributions made to such a plan in the 12-month period leading up to the bankruptcy. This means that RRSPs and RRIFs are not… Read more

Exemptions Act Statute: Click here to read the Statute Exempt Property the household furniture, utensils, and equipment that are contained in and form part of the permanent home of a debtor not exceeding $200 in value. the necessary and ordinary wearing apparel of the debtor and the debtor’s family. the… Read more

The Exemptions Act and The Saskatchewan Farm Security Act Statute: Click here to read the Exemptions Act Statute: Click here to read the Farm Security Act Exempt Property the necessary and ordinary clothing of himself and his family. furniture and household furnishings and household appliances, to the extent of $4,500… Read more

Code of Civil Procedure Statute: Click here to read the Statute Exempt Property movable property which furnishes his main residence, used by and necessary for the life of the household, up to a market value of $6,000. food, fuel, linens and clothing necessary for the life of the household. instruments… Read more

Judgment and Execution Act Statute: Click here to read the Statute Exempt Property the necessary and ordinary clothing of the debtor and his family. any motor vehicle owned by the debtor not exceeding $3,000 in value, except to satisfy all or any part of a fine the payment of which… Read more

The Executions Act Statute: Click here to read the Executions Act of Ontario The Executions Act of Ontario lists various personal property that you would be permitted to keep if you were to file bankruptcy in Ontario. The following property is exempt: Exempt Property Ontario dollar limits are as prescribed… Read more

Exemptions Act Statute: Read the Exemptions Act Exempt Property all necessary household goods, unlimited clothing, unlimited food for the next 12 months. tools of the trade and hunting tools, unlimited. vehicle, unlimited the house and buildings occupied by the debtor and the lot on which they are situated (your principal… Read more