What assets are you allowed to keep after you go bankrupt?Posted on: April 28, 2017
In this video, Licensed Insolvency Trustee in the GTA area, Richard Killen, talks about the facts and misconceptions when it comes to losing assets in a bankruptcy procedure. Typically, people are scared to lose their important belongings should they undergo bankruptcy in Toronto. In this video, Richard goes on to clarify that in the most common cases, this is simply not the case.
Here are a few key takeaways from Richard’s informative clip:
- There is a great urban myth about losing assets when you go bankrupt.
- Most people can keep whatever they want to keep as long as the creditor’s rights are respected, so you may have to pay to keep it.
- Basics such as furniture, personal effect, tools of your trade and one vehicle (as long as it isn’t worth too much) are generally never lost.
Should you still feel uneasy about your debt and losing your assets, it’s definitely worth it to give a Licensed Insolvency Trustee a call or a visit so that they can give you all the information you will need to make this important decision and also to alleviate any worry and stress you may have.
There is no cost for your initial meeting and we will explain all of your options to you. We can meet with you during business hours or book after hours appointments if that is more convenient. Richard Killen and Associates is a Licensed Insolvency Trustee in bankruptcy Scarborough and have 10 locations across the Greater Toronto Area. Call us at (416) 285-9511
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