A few things to keep in mind
- Asset ownership, financing and exemptions are separate questions.
- Applicable exemption rules require individual review.
- Bring actual income records and explain changes in household circumstances.
Start with an inventory, not an assumption
List property you own or have an interest in, even if you are unsure whether it matters. A home, vehicle, savings account, investment or business interest can raise different questions. For each, record the ownership, approximate value, related loan and documents available.
Keep an estimate labelled as an estimate. A loan balance does not establish the asset's value, and a title or registration record may not answer every ownership question. Ask the trustee what additional evidence is needed rather than leaving an uncertain item off the list.
Ask which exemption rules apply
The Bankruptcy and Insolvency Act's property provisions recognize exemptions under applicable law and other exclusions. This is why a nationwide statement that everyone keeps a particular dollar value of property can mislead.
Tell the trustee where you live and about any relevant recent move or property elsewhere. Ask which rules apply to your circumstances and how each significant asset is treated. Do not use someone else's outcome in another province as a substitute for that explanation.
Separate the loan from the property
For a financed vehicle or other secured asset, ask two questions: how is your interest in the asset treated, and what rights does the secured creditor retain? The Act's stay provisions contain qualifications concerning secured creditors, so a general statement about collection protection is not enough.
Bring the agreement, current balance, payment status and any enforcement notice. If keeping an asset is important for work or household needs, explain why and show its full ongoing cost. Practical importance and legal treatment both need discussion; one does not automatically determine the other.
Explain the income pattern behind the deposits
Provide records covering your actual work and household circumstances. Identify variable earnings, other sources of income and changes in contributions. Keep transfers, reimbursements and borrowed money distinguishable so the trustee can understand what the records show.
Ask how information should be reported during a file and how a material change would be handled. Your ordinary household budget is useful context, but it is not itself the statutory calculation. Our irregular-income guide helps you prepare a usable cash calendar.
Raise unusual situations early
Tell the trustee about recent transfers, jointly owned assets, an expected payment, an inheritance question or a business interest rather than deciding those matters are too complicated to include. Ask before taking action that could affect ownership or the available records.
Finish the assessment with an asset-by-asset and income-by-income explanation. What is understood, what needs evidence and what requires another professional? That written list is more useful for a decision than a broad promise that you will keep everything or lose everything.
Follow the information further
Sources and support
- Bankruptcy and Insolvency Act, section 67
Bankruptcy property and statutory exemptions; property acquired before discharge; no province-specific dollar exemption inferred.
- Bankruptcy and Insolvency Act, section 69.3
Stay of proceedings for provable claims subject to exceptions; secured-creditor rights are treated separately.
This is general educational information for Canadian readers. Your own facts and the applicable rules matter; ask a qualified professional about your situation.