If you file for bankruptcy in Montreal, Quebec, most of your assets will be liquidated by your bankruptcy trustee, in exchange for the elimination of your debts. However, governed by provincial legislation, you will be able to protect certain property from being liquidated.
Below is a list of some possible exemptions in Montreal:
- Furnishings of the main residence up to the value of $6,000.
- Items used for religious worship.
- Food, linens, fuel, and clothing necessary for the survival of the debtor and their family.
- Family papers, portraits and medals.
- Judicially awarded financial support.
- Equipment or objects used by the debtor for their occupation/business.
- Disability benefits.
This is only a brief list of possible exemptions. Please contact us today for the additional and more complex exemptions available for residents of Montreal.
