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Ontario Bankruptcy Exemptions(Assets you keep in a Bankruptcy or Proposal)
In addition, to company pension plan amounts, RRSPs in insurance companies, and cash surrender value of life insurance policies where the beneficiary is your spouse, child, grandchild, or parent, your Ontario bankruptcy exemptions will include the items listed below. Most other assets are valued by the trustee and sold unless you make arrangements with the trustee to keep and pay for them. You might also be able to keep assets secured by a bank or finance company if you make arrangements with the creditor. The property exempt from seizure (Ontario Bankruptcy Exemptions) is set by the province of Ontario and applies to the equity in the asset. Equity is the excess that the value of an asset has over any charges or encumbrances against that asset. For example, if you have a car worth $7,000 and there is a $2,000 secured debt against it then the equity in the car is $5,000. Ontario bankruptcy exemptions for a car is $5,650 so in this example you are entitled to the equity of $5,000 and the unsecured creditors cannot take this.
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