Bankruptcy in Quebec is a right that allows you to free yourself of debts and start anew.
Trustee’s Role
Possessions exempt from being seized:
Decorative or life essential furniture, up to a liquidation value of $6,000
Food and clothing
Work instruments that are necessary for personal use, for a professional activity
Alimony or child support
Things that are necessary due to a physical handicap
All RRSP’s, except the contributions done within the last 12 months before your bankruptcy (only for certain RRSP’s)
The legal duration of bankruptcies in Quebec
1st bankruptcy (automatic release in the absence of opposition)
2nd bankruptcy (automatic release in the absence of opposition)
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