What Are Bankruptcy Exemptions? There is an understanding that despite filing for bankruptcy, you will still need certain belongings in order to work, maintain dignity, and rebuild your financial standing. These assets are protected during bankruptcy as bankruptcy exemptions. Bankruptcy exemptions are assets that will not be seized by your Licensed Insolvency Trustee during the
Debt Help, News & Financial Advice Blog for Edmonton and Central/Northern Alberta Residents
Information is your greatest asset in becoming debt-free. On these blog pages, you will find general information to help you understand unfamiliar terms and learn more about the options that may be available to you. You should schedule a personal consultation with an A.C. Waring & Associates trustee or counsellor for information regarding your specific circumstances. We hope you find the following pages helpful and reassuring. Know that however desperate you may feel with the pressure of mounting debts, we are ready to help you regain your financial footing.
Car loans and other secured debts are handled differently from conventional debts during the bankruptcy process. We’re here to help you understand how unsecured debts will be affected by filing for bankruptcy and whether or not you will be able to keep your vehicle. Bankruptcy Exemptions Every province has different amounts they allow for each
During the bankruptcy process, some of your assets may be vested with your Licensed Insolvency Trustee (LIT). Your Trustee will deal with those assets as required. In Alberta, some assets are exempt from the bankruptcy process. Your Trustee will advise you of these. One item includes up to $40,000 in equity in your primary residence.
Individuals facing debt issues beyond their capability to repay them need to understand what alternatives are available to them as soon as possible. Assuming getting extra income and paying down debts owed has not worked so far, talking to a federally appointed Trustee about rights and obligations to repay may be a saving grace. Bankruptcy
The burden of debt can become crushing. It can be so difficult to relax and enjoy life, even for a moment, when your mind is constantly focused on how much you owe and how much it limits your options. It can sometimes feel like you will never manage to crawl out of the financial pit,