If you want to file for bankruptcy, one of the biggest worries you face has everything to do with the loss of assets, especially your home. With personal bankruptcy in Toronto, you don’t ‘lose everything’ as the Ontario law allows you to keep things like cars, tools, clothing, and furniture.
As is with every bankruptcy filing, the loanee has to surrender some belongings in order to pay back the debt owed. Nevertheless, here are items that you can keep:
- Clothing: In 2015, the law changed to allow debtors to keep all their clothing after a successful bankruptcy suit.
- Food, furniture, and utensils: In these categories, there is a limit of $13,150, which is the total amount that you can retain.
- Tools of trade: With a limit of up to $11,300, you can keep your job tools.
- Automobiles: If your car is worth $6,600 or less, you will not lose it. An expert can appraise it for you if you want to know it’s real worth.
- Machinery and farm livestock: There is a limit of $29,100 for those who own farms. If you file for bankruptcy, your farm and any other farm-related assets have protection up to this limit.