Personal bankruptcy
321206
193682579
2008-02-24T11:53:19Z
Mikael Häggström
2615838
/* Personal bankruptcy (Canada) */ requested explanation
'''Personal bankruptcy''' is a procedure which, in certain [[jurisdiction]]s, allows an [[individual]] to declare [[bankruptcy]]. In other jurisdictions, bankruptcies are reserved for [[corporation]]s.
== Personal bankruptcy (Canada) ==
The concept behind [[bankruptcy]] in Canada is that an individual assigns (surrender) everything they own to a [[trustee in bankruptcy]] in exchange for the elimination of their [[unsecured debts]].
'''Exemptions'''
The rules for filing personal bankruptcy in each province and territory differ slightly. In some areas of Canada individuals may be permitted to keep (exempt) certain property. Common items for exemption include clothing, furniture, appliances, motor vehicles, medical and dental aids, a home, family [[heirloom]]s, and some insurance. In basic terms, any property the debtor might require to survive can be exempt. Personal Bankruptcy will eliminate most, if not all, of an individual’s debt, but it also impacts their future ability to obtain credit.
'''Costs'''
The cost of personal bankruptcy in Canada depends on the individual’s monthly family income, the size of the family, and their assets (such as RRSPs). An alternative to personal bankruptcy (in Canada) is a [[Consumer Proposal]].
[[Category:Bankruptcy]]
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[[de:Privatkonkurs]]
[[fr:Faillite personnelle]]
[[nl:Wet Schuldsanering Natuurlijke Personen]]