Bankruptcy Ontario

Bankruptcy Ontario – Know your rights and options

Personal Bankruptcy Canada is a group of carefully selected Member Trustees who are licensed by the government to assist people just like you with their bankruptcy petitions and bankruptcy alternatives.

If you are ready to take charge of your finances and begin your fresh start, find a trustee near you from the list below.

Ontario Bankruptcy

Are you facing money problems and living with financial stress in Ontario?  You do have options.

In Ontario in 2013, 22,731 people found the need to file for bankruptcy and 22,623 filed consumer proposals. Many were able to keep their home, car and some of their other assets.  Bankruptcy and consumer proposals aren’t your only options.  A licensed trustee in bankruptcy can help.

Ontario Bankruptcy Trustees

To address your debt, your first step should be to find a trustee near you.  Laws vary from area to area so you’ll need to work with a trustee in Ontario.  At Personal Bankruptcy Canada, our Trustee Members are licensed by the federal government and offer a free, non-judgmental consultation.  Whatever debt relief solution you choose, your trustee will help you every step of the way.

Ontario Bankruptcy Laws.

You won’t lose all your assets in an Ontario bankruptcy, but you may have to give up some. Bankruptcy exemptions are different in each province.   To determine which assets you will be able to keep and which you will give up, contact an Ontario Bankruptcy Trustee by completing the Get Help With My Debt form in the sidebar of this page.

Assets which are protected for Ontario residents during a bankruptcy include:

  • Necessary clothing for you and your dependents up to $5,650
  • Household furniture, furnishings and appliances valued up to $11,300
  • One motor vehicle valued up to $5650
  • Medical aids required by you and your dependents
  • Personal property valued up to $11,300 that you use to earn income from your occupation

Asset Exemptions Specific to Farmers

  • Livestock, fowl, bees, books, tools and implements used in your business or calling up to $28,300 in value
  • Seed sufficient to seed the land under cultivation up to 100 acres

 

While this information is current through April 2014, laws do change from time to time. Please visit a Trustee to learn how bankruptcy will affect your situation, and if any amendments have been made to the federal or provincial bankruptcy legislation. 

Ontario Bankruptcy FAQs

Ontario Help & Resources

Ontario provides many resources for those facing financial trouble in Ontario. Below is a partial list of those. If you know of any free or affordable Ontario services, please send them to us for review at resources@personalbankruptcycanada.ca.

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