What happens to my assets?

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Many individuals believe that they lose all of their assets in a bankruptcy. This is not the case in many situations.

In Ontario, there are several laws that protect certain assets from seizure.


A popular misconception in bankruptcy is that you will lose your house. This is not the case. A house is only at risk if there is Equity in the property. The Equity value is determined by subtracting your current mortgage balance from the current value of the house. If the Equity exceeds $10,000, then your property may be at risk of seizure and sale. Your Licensed Insolvency Trustee will help appraise the value of your home, and determine how much equity is in your home.  


The Ontario execution Act protects one motor vehicle per person worth up to $6,600. This includes a car or a truck. If the value of the vehicle is worth more, then you still may be able to keep the vehicle by paying for the difference between the value of the vehicle and $6,600. If your car is currently leased or financed, balance of the lease or loan amount is subtracted from the value of the car to determine the net value that is greater then $6,600.

Household Furnishings and appliances

The Ontario execution Act protects your household furnishing and appliances from seizure, up to a value of $13,150.

RRSPs, RRIFs, and DPSP plans

Your registered retirement savings plan (RRSPs) are protected from seizure under the Bankruptcy and Insolvency act, except for contributions made in the 12 months before your bankruptcy.

Clothing and Jewelry

The Ontario execution Act protects your clothing and jewelry from seizure up to a value of $13,150.

Your Licensed Insolvency Trustee at Risman Zysman will complete an in-depth review of your assets, and let you know your rights!

Be DEBT FREE with Risman Zysman Inc in your corner. To book a free consultation, you can call us at (416) 222-4600, contact us through our website, or submit an application form.