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/Tag: Exemptions

IF I Go BANKRUPT DO I LOSE MY CAR / HOUSE ?

This is a very common question we get as LITs (licensed insolvency trustees). Sometimes the question is “if I don’t get to keep my car (or house) this meeting is over” or a variation of this. So what’s the answer? The LIT’s responsibility, as the trustee of a bankruptcy, is to make sure you understand [...]

2019-07-29T14:12:43+00:00Bankruptcy|

RESP In Alberta Soon to Be Protected if you file for Bankruptcy

Great News! The Alberta Government takes huge step forward as they move to protect the future of Alberta’s children. RESP in Alberta.  Right now the Alberta government is in the process of amending the Civil Enforcement Act of Alberta to make Registered Education Savings Plans exempt property. What this means is that when these legislative [...]

2019-03-04T17:20:39+00:00Bankruptcy, Student Loans|

Does a bankruptcy mean I lose everything I own?

In most cases, this couldn't be further from the truth.  Most people are able to retain most everything that they own. What happens is every province has created a list of exemptions.  What an exemption means is that as long as the property you own falls within the exemptions available in your province, then you [...]

2019-03-04T19:00:28+00:00Bankruptcy|