You may be afraid that you will lose everything you own if you file for bankruptcy, but this is not true. There are federal and provincial bankruptcy exemptions which allow you to keep certain assets and possessions.
One of the main purposes of the bankruptcy process is to give people who are overwhelmed by debt an opportunity for a fresh start. That includes keeping certain possessions to help you get back on solid financial footing.
Exempt farm property
For more information on bankruptcy exemptions in Ontario consult a BDO Trustee.
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