Bankruptcy Exemptions In Ontario

Find out what assets you keep and what you need to sell

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What can I keep if I file for bankruptcy?

Canadians are often reluctant to consider bankruptcy in Ontario even when they are in a dire financial situation. They’re concerned that they could lose everything, but that is one of the most common misconceptions about bankruptcy.

Provincial law outlines bankruptcy exemptions in Ontario, assets that are not affected by filing for bankruptcy. Knowing with certainty what you get to keep and what you may have to sell can give you the confidence you need to make the right decision.

Bankruptcy exemptions in Ontario

Bankruptcy exemptions in Ontario are designed to provide a certain level of protection from creditors. A number of personal and essential belongings are protected by bankruptcy laws in Ontario, and you can move forward knowing that they’re safe.

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Assets you get to keep:

*Amount limits are increased each year for inflation. The above figures are for 2022 as set in the Regulations of the Execution Act.

Bankruptcy exemptions under federal law

In addition to these Ontario bankruptcy exemptions, some property is also protected by federal law. Federal exemptions are laid out in the Bankruptcy and Insolvency Act.

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Federal exemptions

Assets You May Have to Sell

Personal bankruptcy is not meant to be a punishment. Assets are sold in order to give your creditors a chance to recoup their losses. Once the proceeds from the sale of non-exempt assets are distributed to your creditors and Surplus Income payments have ended, any remaining funds that you owe are released.

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Non-exempt assets include

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Will I lose my house if I file bankruptcy in Ontario?

The question is one of the most frequently asked we hear as Licensed Insolvency Trustees. Your home is naturally your top priority, but you may be able to clear your debts through insolvency without jeopardizing your home.

An important step is to have your home appraised. This way, you have an accurate assessment of your equity and whether or not you can afford to buy it out and keep your home.

A Consumer Proposal can help you keep your home

If you are concerned about losing your home and the equity that you built in it by filing personal bankruptcy, there is an alternative that will protect your home and your assets, called a Consumer Proposal. A Consumer Proposal is a different way to eliminate your debt, that is a popular alternative when you are earning an income.

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Getting into debt is easy. Getting out is a different story.

But it's still possible!

Did you know there is a Canadian debt relief program federally regulated by the Canadian Government, designed to help citizens avoid claiming bankruptcy? This amazing program can only be administered by a Licensed Insolvency Trustee (LIT).

If you’re struggling to make your payments every month and creditors won’t stop calling, we can help.

What our clients are saying.

Based on 965 reviews
Lisa Gomez
I had a great experience with Jerry Janiec and his team at David Sklar and associates. Within a week I was already accepted and filed for bankruptcy and in a few months I will be debt free! It feels like a lot of stress is off my shoulders. Jerry and his team are very friendly, helped me along the way and was there to explain every detail of the process with me. He gave my his card and is just an email/call away if I need any help with paperwork and completing my duties. He is a very patient and kind professional and I am so glad I chose him and this company to help me fix my financial problems. If you need help with a consumer proposal or bankruptcy (like I did) I highly recommend Jerry Janiec and David Sklar and associates!
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Richard Hong
Very professional and caring. Cori, explain everything and listened to my situation. If I didn't understand, she will explain it again. I'm glad that I went to David Sklar and Associates for my financial difficulties.
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Jay Mil
Great experience with this company . Especially Jennifer N. communication was amazing and really helped out my situation. Highly recommended her and David S .
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Trisha C
Everything went well. I will update in 5 years
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Angie
My experience with Cori was phenomenal. Cori took the time to explain the process thoroughly, listened to my concerns and reassured me. Cori has exceptional people skills and cares about the people she is helping. The experience throughout was professional, kind, warming and inviting.
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Dennis Armstrong
A huge thank you to Jackie S and to the David Sklar and Associates team. Steps made easy , Jackie S has been there during the entire process , whether it was through emails or phone calls . I felt acknowledged and respected . I’d recommend David Sklar and Associate at a heart beat !! Cheers , Dennis
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Kelley Roberts
Very happy to talk with grace and she explained my options.Grace is very knowledgeable,friendly,and helpful. She made feel very comfortable,with her help I am on the road to be debt free. She relieved so much stress. I highly recommend them.
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Nhie GU
David Sklar & associates is the place to be if you’re looking for help on your debt consolidation. Kudos on their staff Miss Grace Cuffaro who were very patient guiding me on complying all required documents.
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We are David Sklar

Our team of Licensed Insolvency Trustees in Ontario can help you get out of debt and in control of your own financial future. We’ve helped thousands of people and we can help you too. 

We know this is stressful, but you're not alone.

It’s going to be okay.
Book your free consultation today. We’ll do the rest.

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