What Can I Keep if I Declare Bankruptcy in Ontario?

Will I Be Left with Nothing?

At David Sklar & Associates, Licensed Insolvency Trustee, we understand the fear that many people have regarding bankruptcy.

It is important to know that bankruptcy in Ontario tries to be fair and leave the bankrupt with enough assets to make starting over possible.

We work with our clients to help them avoid bankruptcy. In fact, over 50% of the people we help get out of debt, use consumer proposals. However, there are times when bankruptcy is the best choice.

What Can You Keep?

The Ontario Execution Act and the federal Bankruptcy and Insolvency Act, normally enable a person who files bankruptcy to keep some assets such as:

  • RRSPs (except for contributions made in the previous 12 months)
  • RRIFs (except for contributions made in the previous 12 months)
  • NO LIMIT to the amount of clothing
  • Up to $13,150.00 worth of prime residence items such as appliances, furniture, kitchen ware, food, etc
  • One vehicle valued up to $6,600.00
  • Up to $11,300 worth of tools used in earning a living

Secured loans, such as mortgages, cannot be included in bankruptcies. However, if there is any equity in the secured assets, then it may be necessary to disburse that equity to the unsecured creditors.

In some situations,it may be possible for a bankrupt to keep their home. It is essential to speak with a trustee to know what your situation is, before taking any action.

Not all types of unsecured debt can be included in a bankruptcy. Your trustee will advise you on this and other matters.

Find Out More in the Toronto Area

In Ontario, only licensed trustees in bankruptcy can file and administer bankruptcies.

If you live in the greater Toronto area, are in serious financial trouble and would like to speak with one of the licensed professionals at David Sklar & Associates – call us a 416-498-9200 to book a FREE consultation. We will review your finances in detail and discuss all your options for getting out of debt.


Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 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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Ready to live debt free?

The best decision I've made was to contact David Sklar & Associates, they are experts in this matters and also have dedicated Licensed Counsellors that provide the best customer support, like Rhoda Lewis, who I highly recommend. She worked tirelessly on my case, explaining ever detail to me willingly. She demonstrates a true interest in her clients. I appreciate how she patiently walked me through what to do, step by step. I now have control over my finances, as a result my life is much more peaceful and I can focus on what matters. Thank you!
Nilda H.
20:18 16 Jun 22
Very helpful and friendly! I am more than satisfied with my experience here. And more than happy with the outcome! Would definitely recommend .
Peggy Bulger
15:10 14 Jun 22
Jerry at David SKLAR helped me thoroughly understand my options and made me feel at ease. If you are looking at this type of service/help, I 100% recommend you give them a call.
Colleen H
12:50 14 Jun 22
Rhoda is a wonderful person, She help me and guided me throughout the process. I couldn’t do it without her support and expertise. Now I can start fresh and full of hope of a better life ahead of me.
ariezel erandio
21:33 06 Jun 22
The service I recieved from David Sklar and Associates was great. I was able to meet with Christin Sylver. She is kind, understanding and, professional. She was able to answer all the quesions that I had regarding my debt. At the end of our meetings, I felt that there is a heavy burden lifted from my shoulders. I recommend Chistine to anyone who is looking into debt relief.
Aliya H
12:11 04 Jun 22
Jerry is a very patient person, he answered all my questions and made this experience so smooth and easy for me. I was not sure what to expect but dealing with him made me feel so much better. He sure knows what he is doing and how to put people at ease for sure (should have done this long ago). I recommend him to anyone I am so glad I had him on my side and now to do my part. Thanks Jerry ur greatPattie
Patty Murphy
21:34 18 May 22
Rhoda Lewis helped me achieve a fresh start two and half years ago! She was very professional with a very warm, caring personality! I emailed her today with a question and she responded quickly. She's great at her chosen profession!!
Debbie Livingston
01:24 11 May 22
Nothing but good things to say about Jackie. She was so nice and so understand and everything was so quick and easy. In a matter of a week, there was the solution that I never thought was possible. Thank you so very much for everything that you have done. ❤️❤️❤️
Cassandra Keenan
21:05 10 May 22
I was in a lot of debt and stress, Jackie Stanley with David Sklar & Associates was very professional, and extremely helpful with getting out of debt. I should of did this sooner, they take the all the weight and stress of a persons shoulders, amazing team at David Sklar & Associates!!
Hubert Z
03:08 10 May 22
Jackie helped me out during a really tough time and she made the entire process very easy and painless. I highly recommend reaching out to her if you find yourself in any financial trouble. You won’t be disappointed!
prettylush 13
02:42 10 May 22