Filing for bankruptcy is a difficult decision, and one of the biggest concerns is the loss of essential assets like your home or car. Fortunately, there are solutions to protect these assets while settling debts.
Can you keep your home and car in bankruptcy?
The answer depends on several factors, including:
- Available equity: If the equity in an asset is low, it may be possible to keep it.
- Current payments: If payments are up to date, certain assets may be retained.
- Applicable laws: Some essential assets are exempt from bankruptcy.
Solutions to protect your assets
- Consumer proposal: This alternative to bankruptcy allows for negotiating a repayment without losing your assets.
- Debt consolidation: Combining debts into a single monthly payment can help avoid bankruptcy.
- Legal exemptions: Certain assets like a car up to a certain value may be exempt.
