Tag Archives: assets in bankruptcy

When you file personal bankruptcy in Canada, you are permitted to retain certain assets while others are subject to seizure by your bankruptcy trustee. Your trustee has a responsibility to ‘realize’ on these non-exempt assets, which means that they have to turn the value of these assets into cash to…

When you file bankruptcy in Canada you sign over the things that you own in exchange for the elimination of your unsecured debts subject to some exemptions.  The bad news is that RESPs, or Registered Education Savings Plans, are not on any of the provincial or federal bankruptcy exemption lists. …

You need to pick up a few things on your way home so you stop at a bank machine to withdraw some cash, only the machine won’t let you make a withdrawal.  You step inside and the teller informs you that your bank account has been “frozen”.  What does that…

You’ve discovered that the Canada Revenue Agency has obtained a court order to seize your assets in payment of overdue taxes and the first step they took was to freeze your bank account. In most cases, CRA freezes your bank account for one simple reason: to get your attention. In…

There are three basic types of assets in bankruptcy: Exempt, Non-Exempt, and Secured. Exempt Assets in Bankruptcy If an asset is exempt from seizure, you won’t lose it if you file for bankruptcy. The rules that define what assets are exempt are provincial rules, so each province has slightly different…

One of the biggest misconceptions about filing for bankruptcy in Alberta, or anywhere in Canada, is that you will lose everything you own.  This just isn’t the case. Like in all provinces in Canada, there are Alberta bankruptcy exemptions for what are generally considered necessities of life.  In fact, in…