introduction I got your attention with this silly Brandon’s blog title, didn’t I? The answer to the question will Julian Assange face Canadian bankruptcy laws? Is of course no. He may face the Justice systems of Britain Sweden or the United States or all three. But as far as I know he is wanted by the Canadian authorities. However, there are many Canadians having problems paying all of their debts. Many have actually quit satisfying their financial commitments. If this is where you find yourself then you were in financial difficulty. It may even be insolvent. Tell everyone that bankruptcy should be your last option. There are many ways to avoid bankruptcy. It really depends on how early on in your situation you consult a professional for advice and guidance. The purpose of this Brandon’s blog is to answer what seem to be the 10 essential problems bothering people. That’s far in 2019 for people facing Financial challenges and considering filing for bankruptcy. What happens if Canada? When you declare bankruptcy, you must have sign or hand over your assets previously called a bankruptcy trustee trustee. Which province regulates what assets are exempt from seizure? Bankruptcy, you will not lose all your assets. There is a listing of things that are excluded from seizure in Ontario. Necessary clothing for you and your dependents. Home furnishings and appliances that are the worth not more than $13,150. Other personal effects not worth more than $11,300 made used to earn revenue from your business. If you aren’t Ontario farmer this amount increases to $29,100 for everything including your livestock. Car or truck that is worth more than $6,600. The cash surrender value of life insurance if your beneficiary beneficiary. You’re registered retirement Savings Plan rrsp registered retirement income fund rief or deferred profit-sharing plan dpsp other than for any amounts contributed in the 12 months immediately preceding your data bankruptcy $10,000 of equity in your home. But only if your share of the equity is less than $10,000 in total. Are not impacted by bankruptcy will need to submit an expense for providing your household revenue and expenditures. This becomes part of your budgeting procedure. If your earnings go beyond specific criteria developed by the office of the superintendent of bankruptcy, you will certainly have to pay part of the access into the bankruptcy. This is called Surplus income. When you declare bankruptcy the assets that are not exempt from seizure must be turned over to your trustee. Those assets will be offered for sale in the cash game from the sale of your possessions will be available for the trustee to pay a dividend to your creditors. Also see below the discussion of bankruptcy. How much does it cost to file bankruptcy in Canada? The irony is that it does cost money for an insulting person to file bankruptcy in Canada. If you have neither assets nor income you or someone on your behalf will have to make satisfactory arrangements with a trustee for payment of this cost. Is there a sensitive or Surplus income this will most likely change the calculation of the amount? The trustee is entitled to charge for administering your bankruptcy? However, the trustees entitled to take the court approve fee from the funds obtained through the sale of assets Surplus income payments received. In this case the cost of your bankruptcy to you may very well be no extra charge. Will I lose my house and car if I file bankruptcy in Canada? A complete discussion of the issues involved can be found in my April 2019 blogs. If I file for bankruptcy, Ontario will I lose my home? 2019 Edition Can you file bankruptcy and keep your home and car? 2019 car Edition The trustee is entitled to your equity in your home and car when you file for bankruptcy as these other blocks discuss. If someone can purchase the value of your Equity subject to the Ontario exemptions take possession of your house and car. Can you file bankruptcy and keep your credit cards? the issue with a bankrupt keeping his or her credit cards is governed by section 158 of the bankruptcy and insolvency act Canada and directive number three issued by the superintendent of bankruptcy OSB title of direct number three is It is provided to Define under what conditions a bankrupt shall supply to the trustee for cancellation. All charge cards issued to an in the ownership or control of the bankrupt. What conditions the trustee shall require that the bankruptcy apply for the trustee for termination all credit cards or control exception? Except for those bank card discussed in the next paragraph in a bankruptcy all credit cards must be given to the trustee. This is regardless that there may be a zero balance on that charge card. There is only one exception to this requirement. Saw the person did not supply to the trustee of credit card in The Possession and control of the bankrupt where the primary card holder is a party. For example employer spouse friend parent and the primary cardholder a person.