Bankruptcy Exemptions

In Ontario, the following items are exempt from a bankruptcy proceeding and are not attackable by your creditors.

• Personal effects up to a value of $5,650
• Household furnishings and effects up to a value of $11,300
• Motor vehicle up to a value of $5,650
• Farming equipment for a farmer up to a value of $28,300
• Tools of the trade to a value of up to a value of $11,300
• Certain life insurance policies
• RRSPs and Pensions subject to certain conditions and exceptions

The above amounts increase annually by small amounts.

For a detailed review as to the impact on your assets in bankruptcy or a proposal, contact us today.