{"id":7985,"date":"2019-09-11T08:45:06","date_gmt":"2019-09-11T15:45:06","guid":{"rendered":"https:\/\/www.sands-trustee.com\/?p=7985"},"modified":"2025-11-01T14:29:37","modified_gmt":"2025-11-01T21:29:37","slug":"how-bankruptcy-protects-your-assets","status":"publish","type":"post","link":"https:\/\/www.sands-trustee.com\/blog\/how-bankruptcy-protects-your-assets\/","title":{"rendered":"How Bankruptcy Protects Your Assets"},"content":{"rendered":"\r\n<p>Many people facing a serious debt problem avoid considering bankruptcy as a solution because they believe filing bankruptcy will cause them to lose their personal assets or put their income at risk.<\/p>\r\n\r\n\r\n\r\n<p>Contrary to popular belief, the truth is that <a href=\"https:\/\/www.sands-trustee.com\/blog\/debt-forgiveness-personal-bankruptcy-step-by-step\/\">filing a bankruptcy in Canada<\/a> actually provides protection for your assets and income. Read on to learn more about how bankruptcy protects your assets.<em>\u00a0<\/em><\/p>\r\n\r\n\r\n\r\n<h2 id=\"h-what-is-a-stay-of-proceedings-in-bankruptcy\" class=\"wp-block-heading\">What is a Stay of Proceedings in Bankruptcy?<\/h2>\r\n\r\n\r\n\r\n<p>Canada\u2019s <em>Bankruptcy and Insolvency Act<\/em> states that when a person formally files for insolvency (the beginning of the official bankruptcy or <a href=\"https:\/\/www.sands-trustee.com\/blog\/consolidating-debt-consumer-proposal-step-by-step\/\">Consumer Proposal process<\/a>), no creditor has any remedy against the person or their property. This means that creditors cannot start or continue any actions to recover the debt balance they are owed, and the stay of proceedings in a bankruptcy or Consumer Proposal is a powerful measure to provide protection from creditors, even government creditors like Canada Revenue Agency.<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Your bankruptcy filing triggers the stay of proceedings, and this legally prevents your creditors from continuing to ask you for payment, from continuing collections or court action, and from seizing your assets, including your bank account or wages.<\/li>\r\n\r\n\r\n\r\n<li>In situations where creditors may have been about to begin, or have already begun serious debt collection methods, filing bankruptcy can protect assets that may otherwise be at risk from creditors.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p>Without being shielded by bankruptcy laws, when a person is unable to pay their debts, they are often quickly subject to collection actions from their creditors, which can lead to creditors attempting to seize assets and even garnish wages. For people who have been harassed with phone calls, texts or letters asking for payments or past due debts by creditors or collection agents, their bankruptcy\u2019s stay of proceedings is always a welcome relief.<\/p>\r\n\r\n\r\n\n<div class=\"cta-with-bg-image-content  white center no-bg-img\"   style=\" \">\n    <div class=\"gradient gradient-teal\" >\n        <div class=\"content\">\n            <h2>\n                <span>GET A FINANCIAL<\/span>\n                FRESH START            <\/h2>\n            <p>Book your free consultation with one of our experts and start living a debt-free life.<\/p>\n            <a href=\"\/free-debt-consultation\/\" class=\"red-btn\">\n                BOOK YOUR FREE CONSULTATION            <\/a>\n        <\/div>\n    <\/div>\n<\/div>\n\r\n\r\n\r\n<h2 id=\"h-do-i-lose-all-my-assets-by-filing-a-bankruptcy\" class=\"wp-block-heading\">Do I Lose All my Assets by Filing a Bankruptcy?<\/h2>\r\n\r\n\r\n\r\n<p>Contrary to what you may have heard and what many people mistakenly believe, most people who file bankruptcy actually keep all their assets. Here\u2019s why:<\/p>\r\n\r\n\r\n\r\n<p>When you enter into bankruptcy, provincial laws automatically give you entitlement to keep certain assets &#8211; these are often referred to as \u2018exempt assets\u2019, meaning that they are protected in the event of a bankruptcy.<\/p>\r\n\r\n\r\n\r\n<p>In British Columbia, the law that gives individuals these exempt (protected) asset allowances is called the \u201cCourt Order Enforcement Act\u201d. Each province has its own exemption allowances; in BC the bankruptcy protected assets are:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Household Goods and Effects\r\n<ul class=\"wp-block-list\">\r\n<li>Up to a $4,000 value, based on garage sale value (not replacement value)<\/li>\r\n<\/ul>\r\n<\/li>\r\n\r\n\r\n\r\n<li>A Vehicle, or Equity in a Vehicle\r\n<ul class=\"wp-block-list\">\r\n<li>Up to a $5,000 value; or<\/li>\r\n\r\n\r\n\r\n<li>Up to a $2,000 value if you are behind on child or spousal support payments<\/li>\r\n<\/ul>\r\n<\/li>\r\n\r\n\r\n\r\n<li>Home Equity\r\n<ul class=\"wp-block-list\">\r\n<li>Up to a $12,000 value in Greater Vancouver and Victoria; or<\/li>\r\n\r\n\r\n\r\n<li>Up to a $9,000 value elsewhere in BC<\/li>\r\n<\/ul>\r\n<\/li>\r\n\r\n\r\n\r\n<li>RRSPs\r\n<ul class=\"wp-block-list\">\r\n<li>Up to an unlimited value\r\n<ul class=\"wp-block-list\">\r\n<li>Except for contributions made in 12-month period prior to filing bankruptcy. Note, transfers between RRSP funds are not the same as contributions.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\n<\/li>\r\n\r\n\r\n\r\n<li>Clothing and Medical Aids\r\n<ul class=\"wp-block-list\">\r\n<li>Up to an unlimited value<\/li>\r\n<\/ul>\r\n<\/li>\r\n\r\n\r\n\r\n<li>Work Tools (Tools of the Trade)\r\n<ul class=\"wp-block-list\">\r\n<li>Up to a $10,000 value<\/li>\r\n<\/ul>\r\n<\/li>\r\n<\/ul>\r\n\r\n\r\n\n\n            <div class=\"background-block-wrapper blue\">\n            <div class=\"container\">\n                <div class=\"cols gap\">\n                                        <div class=\"col col-75\">\n    \n\r\n\r\n\r\n<p>Calculating what is and isn\u2019t considered an exempt asset should be done with the help of a qualified Insolvency Estate Manager or Licensed Insolvency Trustee \u2013 other factors such as whether or not the asset is subject to a mortgage, lease or loan, or owned jointly with another party may also impact equity figures. In addition to the exemption allowances listed above, many life insurance policies and virtually all pension plans are also considered to be exempt assets.<\/p>\r\n\r\n\r\n\n<div class=\"cta-with-bg-image-content  white center no-bg-img\"   style=\" \">\n    <div class=\"gradient gradient-teal\" >\n        <div class=\"content\">\n            <h2>\n                <span>GET A FINANCIAL<\/span>\n                FRESH START            <\/h2>\n            <p>Book your free consultation with one of our experts and start living a debt-free life.<\/p>\n            <a href=\"\/free-debt-consultation\/\" class=\"red-btn\">\n                BOOK YOUR FREE CONSULTATION            <\/a>\n        <\/div>\n    <\/div>\n<\/div>\n\r\n\r\n\n            <\/div>\n            <\/div>\n        <\/div>\n        <\/div>\n    \n\n\r\n\r\n\r\n<p>It\u2019s important to know that even if you have assets that are worth more than these allowances, you do not necessarily have to give the asset up in bankruptcy. There are a few potential avenues that would allow you to keep the assets. Here are two examples:<\/p>\r\n\r\n\r\n\r\n<h3 id=\"h-repurchase-of-asset-in-bankruptcy\" class=\"wp-block-heading\"><u><span style=\"text-decoration: underline;\">Repurchase of Asset in Bankruptcy<\/span><\/u><\/h3>\r\n\r\n\r\n\r\n<p>The non-exempt value of your asset may be paid into your bankruptcy estate, allowing you to retain possession of the asset.<\/p>\r\n\r\n\r\n\r\n<p>$7,000 &#8211; Appraised Value of Vehicle Owned Free and Clear<\/p>\r\n<p><u>-5,000<\/u> &#8211; Exemption Allowance for Motor Vehicle<\/p>\r\n<p>$2,000 \u2013 Balance Paid Over 9 Months<\/p>\r\n\r\n\r\n\r\n<h3 id=\"h-file-a-consumer-proposal\" class=\"wp-block-heading\"><u>File a Consumer Proposal<\/u><\/h3>\r\n\r\n\r\n\r\n<p>Filing a Consumer Proposal is the number one alternative to personal bankruptcy in Canada. In a Consumer Proposal your assets are not impacted, which can make it an attractive option for someone who may otherwise have a significant amount of non-exempt equity in an asset.<\/p>\r\n\r\n\r\n\r\n<ul>\r\n<li>Consumer Proposals work by consolidating your debts into one settlement and offering your creditors a partial repayment of the debt \u2013 the amount you can afford to repay.\r\n<ul>\r\n<li>Your debts may be cut down to as little as 20-50% of the balance with no interest charges and no requirement to surrender assets.<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li>\r\n\r\n<a href=\"https:\/\/www.sands-trustee.com\/personal-debt-consolidation\/consumer-proposals\/\">A Consumer Proposal<\/a> is not the same as bankruptcy, although it does offer an individual the benefit of the stay of proceedings when it comes to shielding you from creditors.<\/li>\r\n<\/ul>\r\n\r\n\r\n\n    <div class=\"compare-your-debt-options-block-wrapper \">\n        <div class=\"compare-your-debt-options\">\n    <img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.sands-trustee.com\/wp-content\/themes\/sands-trustee\/images\/home\/compare-debt-options.png\" width=\"95\" height=\"57\" alt=\"Compare Your Debt Options\"\/>\n    <h2>Compare Your Debt Options<\/h2>\n    <div class=\"text\">\n        <p>Enter your total amount of debt (excluding mortgage and car loan) and we&#8217;ll show you a list of options.<br\/><\/p>\n        <form name=\"home_calc\" action=\"\/free-debt-consultation\/debt-options-calculator\/#highcharts-0\" method=\"post\">\n            <input type=\"number\" name=\"amount\" id=\"calc-input\" placeholder=\"Amount of Debt\" required\/><br \/>\n            <input class=\"form_submit\" type=\"submit\" onclick=\"ga(ga.getAll()[0].get('name') + '.send', 'event', 'Assessment Tool', 'Calculate', 'Home');\" value=\"Calculate Debt Options Now\">\n        <\/form>\n    <\/div>\n<\/div>    <\/div>\n\r\n\r\n\r\n<h2 id=\"h-how-does-bankruptcy-provide-income-protection-from-creditors\" class=\"wp-block-heading\">How Does Bankruptcy Provide Income Protection from Creditors?<\/h2>\r\n\r\n\r\n\r\n<p>Because a bankruptcy filing will act as a barrier between you and your creditors, your income remains protected from wage garnishments and bank account seizures. Even if a creditor has already begun garnishing your income or has frozen your bank account, filing a bankruptcy will remove the ongoing garnishment or freeze.<\/p>\r\n\r\n\r\n\r\n<p>This applies to virtually all creditors, including Canada Revenue Agency. In general Family Maintenance Enforcement Program collecting on child or spousal support payments is one of the few creditors who can continue a <a href=\"https:\/\/www.sands-trustee.com\/blog\/an-overview-of-wage-garnishment-in-bc\/\">wage garnishment<\/a> despite a bankruptcy filing.<\/p>\r\n\r\n\r\n\r\n<p>Throughout the period of your bankruptcy income you earn would continue to go directly to you via your employer, pension provider etc.<\/p>\r\n\r\n\r\n\n\n            <div class=\"background-block-wrapper grey\">\n            <div class=\"container\">\n                <div class=\"cols gap\">\n                                        <div class=\"col col-75\">\n    \n\r\n\r\n\r\n<h2 id=\"h-can-i-file-bankruptcy-if-i-have-no-assets-or-income\" class=\"wp-block-heading\"><strong>Can I File Bankruptcy if I Have No Assets or Income?<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>It is not necessary to have any assets in order to make use of bankruptcy laws. Sands &amp; Associates assists many people considering claiming bankruptcy who have very few assets, or no assets at all.<\/p>\r\n\r\n\r\n\r\n<p>If you are facing a situation where you have neither income nor assets, you may wish to consider whether your creditors have any recourse to collect on the debts you owe \u2013 in some rare circumstances debts may essentially become uncollectable due to <a href=\"https:\/\/www.sands-trustee.com\/blog\/overview-bcs-statute-limitations-debt\/\">BC\u2019s Statute of Limitations on Debt<\/a>.<\/p>\r\n\r\n\r\n\r\n<p><strong>Get a plan for a financial fresh start today &#8211; book your free debt consultation with a local debt expert from Sands &amp; Associates!<\/strong><\/p>\r\n\r\n\r\n\n<div class=\"cta-with-bg-image-content  white center no-bg-img\"   style=\" \">\n    <div class=\"gradient gradient-teal\" >\n        <div class=\"content\">\n            <h2>\n                <span>GET A FINANCIAL<\/span>\n                FRESH START            <\/h2>\n            <p>Book your free consultation with one of our experts and start living a debt-free life.<\/p>\n            <a href=\"\/free-debt-consultation\/\" class=\"red-btn\">\n                BOOK YOUR FREE CONSULTATION            <\/a>\n        <\/div>\n    <\/div>\n<\/div>\n\r\n\r\n\n            <\/div>\n            <\/div>\n        <\/div>\n        <\/div>\n    \n\n","protected":false},"excerpt":{"rendered":"<p>Many people facing a serious debt problem avoid considering bankruptcy as a solution because they believe filing bankruptcy will cause them to lose their personal assets or put their income at risk. Contrary to popular belief, the truth is that filing a bankruptcy in Canada actually provides protection for your assets and income. Read on [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":7986,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[258,263],"tags":[324,38,48,325,39,37,53,117,120,50,242,43,204,84,35,127,265],"class_list":["post-7985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bankruptcy","category-expert-debt-advice","tag-asset-exemptions","tag-bankruptcy-bc","tag-bankruptcy-myths","tag-bankruptcy-protection","tag-bankruptcy-trustees","tag-consumer-proposals","tag-credit-card-debt","tag-credit-counselling","tag-credit-counsellor","tag-debt","tag-debt-advice","tag-debt-consolidation","tag-licensed-insolvency-trustee","tag-personal-bankruptcy","tag-sands-associates","tag-statute-of-limitations","tag-wage-garnishment"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.3 (Yoast SEO v26.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Bankruptcy Protects Personal Assets | Sands &amp; Associates<\/title>\n<meta name=\"description\" content=\"Worried about losing assets due to bankruptcy? Learn how filing a bankruptcy actually provides protection for assets and income.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sands-trustee.com\/blog\/how-bankruptcy-protects-your-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Bankruptcy Protects Your Assets\" \/>\n<meta property=\"og:description\" content=\"Worried about losing assets due to bankruptcy? Learn how filing a bankruptcy actually provides protection for assets and income.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.sands-trustee.com\/blog\/how-bankruptcy-protects-your-assets\/\" \/>\n<meta property=\"og:site_name\" content=\"Sands &amp; Associates\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/SandsAssociates\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-11T15:45:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-01T21:29:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.sands-trustee.com\/wp-content\/uploads\/2018\/10\/Bankruptcy-Protects-Assets-e1539298742335.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"331\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Blair Mantin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Blair Mantin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.sands-trustee.com\/blog\/how-bankruptcy-protects-your-assets\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.sands-trustee.com\/blog\/how-bankruptcy-protects-your-assets\/\"},\"author\":{\"name\":\"Blair Mantin\",\"@id\":\"https:\/\/www.sands-trustee.com\/#\/schema\/person\/bce0833a5a7c2b89498e7d357aa214bf\"},\"headline\":\"How Bankruptcy Protects Your Assets\",\"datePublished\":\"2019-09-11T15:45:06+00:00\",\"dateModified\":\"2025-11-01T21:29:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.sands-trustee.com\/blog\/how-bankruptcy-protects-your-assets\/\"},\"wordCount\":1055,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.sands-trustee.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.sands-trustee.com\/blog\/how-bankruptcy-protects-your-assets\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.sands-trustee.com\/wp-content\/uploads\/2018\/10\/Bankruptcy-Protects-Assets-e1539298742335.jpg\",\"keywords\":[\"Asset Exemptions\",\"Bankruptcy BC\",\"Bankruptcy Myths\",\"Bankruptcy Protection\",\"Bankruptcy Trustees\",\"Consumer Proposals\",\"Credit Card Debt\",\"Credit Counselling\",\"Credit Counsellor\",\"Debt\",\"Debt Advice\",\"Debt Consolidation\",\"Licensed Insolvency Trustee\",\"Personal Bankruptcy\",\"Sands &amp; Associates\",\"Statute of Limitations\",\"Wage Garnishment\"],\"articleSection\":[\"Bankruptcy\",\"Expert Debt Advice\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.sands-trustee.com\/blog\/how-bankruptcy-protects-your-assets\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.sands-trustee.com\/blog\/how-bankruptcy-protects-your-assets\/\",\"url\":\"https:\/\/www.sands-trustee.com\/blog\/how-bankruptcy-protects-your-assets\/\",\"name\":\"How Bankruptcy Protects Personal Assets | Sands & Associates\",\"isPartOf\":{\"@id\":\"https:\/\/www.sands-trustee.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.sands-trustee.com\/blog\/how-bankruptcy-protects-your-assets\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.sands-trustee.com\/blog\/how-bankruptcy-protects-your-assets\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.sands-trustee.com\/wp-content\/uploads\/2018\/10\/Bankruptcy-Protects-Assets-e1539298742335.jpg\",\"datePublished\":\"2019-09-11T15:45:06+00:00\",\"dateModified\":\"2025-11-01T21:29:37+00:00\",\"description\":\"Worried about losing assets due to bankruptcy? 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