In this video, Richard Killen, a Toronto-based Licensed Insolvency Trustee talks about, Will I Lose My Personal Possessions If I Go Bankrupt.
There is a Provincial law that regulates what a person might lose, or can lose, actually let me turn it around, there is a Provincial law that regulates what creditors can take from you. If you are not paying them, and they are trying to recover their debt by seizing things. Furniture and personal effects are essentially off the table. Personal effects are essentially completely protected, and furniture, you would have to have furniture that is worth so much money that before it hit the threshold, where a creditor can take it, frankly, I don’t remember a time when I had something like that. So, essentially, this law regulates that people don’t lose their furniture or personal effects. Now, this law applies to a Trustee in a bankruptcy situation, but like I say, who has stuff that’s worth that much? Most people, let’s face it, if you have a couch that your five-year hold has been bouncing up and down on for the last three years or something like that, it’s not going to be worth very much in terms of resale, is it?
If you are uneasy about bankruptcy you should definitely visit a licensed insolvency trustee so that you will be given an advice about your bankruptcy problems.