Consumer Proposal & Bankruptcy Exemptions in Toronto Ontario

Consumer Proposal & Bankruptcy Exemptions

Table of Contents

What Can you keep?

If you are considering filing for Bankruptcy, you may be wondering what assets may be exempt. Everyone’s situation is different, and it will also depend on if you are going to file for bankruptcy or file a consumer proposal. With each, there are different rules and all options are considered when you come in for a free consultation with David Sklar and associates.

With bankruptcy, depending on your financial situation, some assets may be exempt.

Asset exemptions may include:

  • Prime residence items – furniture, utensils, equipment, food and fuel not exceeding the prescribed amount or, if no amount is prescribed, up to $14,180 in value.
  • One automobile – not above the prescribed amount or, if no amount is prescribed, up to $$7,117 in value.
  • Clothing – (described as necessary and ordinary) no limit.
  • Tools (those ordinarily used by you to earn your living) not above the prescribed amount or, if no amount is prescribed, up to $$14,405 in value. Note: farming tools are treated differently.

Differences Between Bankruptcy vs Consumer Proposal

There are differences between a bankruptcy and a consumer proposal that you will need to take into consideration when looking into dealing with your debt. For example, with a Personal Bankruptcy – the person filing the bankruptcy is permitted to keep certain assets that are exempted by the Ontario Execution Act – but is required in certain situations to submit all other assets for settlement. In a Consumer Proposal – the person filing the Proposal is able to keep all their assets (as long as they continue to make any required payments – i.e. mortgage payment, car loans etc.).

If you are facing financial issues and have surmounting debt, call David Sklar & Associates for a free consultation. Find out all the available options that are available for you, and help make the best decision for your current financial situation.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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I worked primarily with Christine, who was very friendly and outgoing. She was quick to help me, and explained everything I needed to know very well. She's quick to answer any questions I may have as well. The other members I spoke with were also very kind and jovial, and were happy to help me with anything they could. They made sure my proposal fit within my budget, and got everything going very quickly. I was happy to work with them, and would highly recommend their very friendly service!
Melissa McAllister
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Very processional and understanding of my situation. Thanks to all your team.
Luc Valade
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Jennifer Norton's exceptional assistance with my consumer proposal was life-changing. Her professionalism, expertise, and dedication were evident from the start. Jennifer's thorough explanations and attention to detail created a tailored proposal that set a clear path to financial freedom. She went above and beyond, advocating for my best interests and providing invaluable support. Thanks to Jennifer, I'm on track to a stress-free financial future. I wholeheartedly recommend her – she's not just a financial expert; she's a life-changer. Thank you, Jennifer!
Thomas
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They made a difficult situation, easy thank you.
Ray Barkley
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I had a great experience with Christine from David Sklar & associates. Very professional, and easy to get through. Thank you
fukinwith doug
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Great customer service and a smooth process to get your finances on track. Informative and thorough.
Adrian Downey
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From the moment I sat down in the office, I felt welcome and at ease. Grace Cuffaro was both friendly and highly informative. She is extremely knowledgeable and answered all of my questions in detail, making sure I understood before moving on. I was reassured throughout the process that I was making the right decision and that it was not uncommon nor anything to be ashamed of. I didn't expect my appointments to be such positive experiences, but that's exactly what they've been!
P Bains
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I was in a tough financial position and found myself searching for relief. I came across David Sklar & Associates page when doing my research on financial advice. The reviews were amazing, but I was concern because I didn’t know what to expect. I made the decision to set up a consultation and had the pleasure to meet with Jennifer Norton. Right from the beginning, she was attentive, knowledgeable, and pleasant to meet with. The experience was painless and very educational. Jennifer made sure I understood my choices, answered my questions, and concerns promptly, in person, over the phone and via email. I’ve been working with Jennifer for a couple months now and I am pleased that Jennifer is the manager handling my file. I would and have recommend Jennifer Norton, David Sklar & Associates to anyone in need of direction regarding finances.
A.L Thompson-Lawrence
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I had my first meeting with Jennifer, she was really understanding and extremely helpful, and got everything done in a timely manner.
Tamas Wint
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Jennifer Norton has been the most helpful throughout this truly embarrassing situation that I find myself in. She is informative, understanding, and there is absolutely no judgment. She has handled everything in a very professional and respectful manner and I am SO glad that I have them on my side. Definitely a huge weight off my shoulders.
Jody T
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