Declaring bankruptcy is an extreme measure, but using it in the right way at the right time can save you money, give you peace of mind and help you get back on your feet financially. It allows businesses or individuals that are unable to pay their debts to settle their financial difficulties.
One of the first questions that get asked regarding bankruptcy is “Will I lose everything?” People generally fear that a trustee will seize everything and sell it during such times.
Crowe MacKay & Company Ltd has been helping the residents of Greater Vancouver, Surrey and Burnaby by providing a variety of debt solutions including bankruptcy and proposals. Our licensed insolvency trustees can provide vital advice and information to ensure your debt is handled correctly. Our services are grouped under:
While bankruptcy laws vary from province to province, all governments have set limits on how much a trustee can take. These limits cover the necessities of life and are called personal bankruptcy exemptions. The assets you can keep include:
- Household goods
- Personal belongings
- Your car
- Your home
- Tools of your trade
- Pensions, life insurance, and RRSP's
This article has been published for general information. You should always contact your trusted advisor for specific guidance pertaining to your individual tax needs. This publication is not a substitute for obtaining personalized advice.