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Bankruptcy Exemptions in Ontario
It is not the intention of the Bankruptcy Act to leave you without the basic requirements of living. Each province has property exemptions. Some provinces increase these exemptions each year to reflect inflation, so check with your Trustee.
How exemptions work:
To see how exemptions work we must first understand equity. Once the Trustee knows the equity in the property the equity is compared to the exemption to determine if there is a requirement for the bankrupt to pay any additional amounts into the estate.
PLEASE NOTE: PROPOSED AMENDMENTS HAVE SUGGESTED A PERSONAL RESIDENCE EXEMPTION MAY BE ENACTED FOR ONTARIO DEBTORS. CHECK WITH YOUR TRUSTEE FOR ANY INFORMATION AVAILABLE IN THIS REGARD.
Property that is subject to seizure by the Trustee in Ontario
If you have property subject to seizure talk to the trustee about buying the asset back from the estate.
Rather than have the trustee seize and sell the asset, make an offer to pay for the item instead of losing it. Often a payment plan can be set such that you get to keep your property and the creditors get a fair amount in return.
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