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I have been unemployed for almost three years. I have exhausted my RRSP,s and have a credit card debt of approximately $ 100.000 I own my house mortgage free . I will be turning 55 years old in the spring of 2017 . What assets are exempt in a bankruptcy ? is a reverse mortgage possible ? I have several old vehicles , which are only worth something to me or have more invested than what they would be able to sell for . Are only registered vehicles considered assets ?



Grant Thornton Limited



Dec 01, 2016



Hello, Based on your concerns indicated above, a personal residence with, up to, $40,000 in equity is exempt in bankruptcy. A vehicle with a maximum of $5,000 equity is also exempt. All vehicles that you own are considered to be an asset. There are more assets that are protected in bankruptcy, perhaps you would like to contact our office at 310-8888 for a no obligation consultation to discuss.

Susan Methuen
T 403-310-8888


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