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All RRSP's are unseizable except for the last twelve (12) months' contributions which are seizable. In Quebec, the last twelve (12) months' contributions are unseizable if they were made to an RRSP plan through a life insurance company.
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No, except for valuable furniture, such as art and antiques which are not considered essential.
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When the market value of the house does not substantially exceed the mortgage and an agreement can be reached with the lender, the bankrupt can keep his house.
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They should. By Law, all actions against you have to stop. Neither secured creditors nor alimony payments are affected by bankruptcy.
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Your creditors are notified by mail if you have minimal assets. There is no publication in the newspaper. However, all bankrupt filings are public documents.
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Yes, in certain cases and if the car is of low value. If the vehicle is leased, an agreement can be made with the lessor to continue the payments under the contract.
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No, unless we have to stop a garnishment of wages.
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Your bankruptcy will appear on your credit records for about seven (7) years, but you can become active and rebuild your credit during that time.
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No, only seizable assets of the bankrupt are included in the bankruptcy.
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- Student loans (see below)
- Fines or penalties imposed by the court
- Alimony
- Debts incurred fraudulently
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The cost of bankruptcy is determined in proportion to your revenue and set by government.
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Any debts for student loans are not discharged if the bankruptcy occurs within seven (7) years of ceasing to be a full- or part-time student.
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Yes, but if you are indebted to the same bank, it may be wise to change banks.
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The Trustee will prepare your pre-bankruptcy tax return from January 1st to the date of the bankruptcy.
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All GST cheques for periods up to your discharge will be sent to the Trustee, who will refund you any surplus, if applicable.
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Lottery winnings are considered an asset and must be turned over to the Trustee. After payment to your creditors, any surplus will be returned to the bankrupt.
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Any co-signer of your loans will remain responsible for the debt if you go bankrupt.
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