Will I Have to Make Monthly Payments?

The Superintendent of Bankruptcy sets the guidelines pertaining to income. Depending on the amount of income and the number of people you have to support, you may be required to make monthly payments to the Trustee. You and your Trustee will determine the amount to be paid based on the guidelines and your personal circumstances. These payments will stop once you receive your discharge from bankruptcy.

What assets can I keep?

In BC, the exemptions are set out in the Court Order Enforcement Act. You are allowed to keep
• Household goods and furnishings up to $4,000
• Tools of the trade up to $10,000
• Equity in a motor vehicle up to $5,000 if there is no family maintenance debt
• Equity in a motor vehicle up to $2,000 if there is a family maintenance debt
• Equity in a home up to $12,000 in the GVRD and CRD $9,000 outside these areas).