Bankruptcy In Saskatchewan

Hi, Marsha. If you file for bankruptcy in Saskatchewan and you are not a farmer, you are allowed to keep certain assets: - household furniture and personal effects to a value of $4,500 - tools of trade required to earn a living to a value of $4,500 - a motor vehicle if it is required for employment purposes - equity in a principal residence - certain life insurance policies and certain investments So if you have assets other than those listed above, the trustee may need to collect upon them on behalf of your creditors. If you are a farmer, there are different exemptions that we can discuss with you once you contact us. It is fairly quick and easy to file for bankruptcy if it is the right option for you. We would first ask that you contact one of our offices to speak to a licenced trustee. After understanding your specific situation, we can advise you on which options are available to you, and how the bankruptcy process will affect you. All of our offices provide a free, no obligation, initial meeting to provide you with all of the information you need.  If bankruptcy is the right option for you, it takes approximately an hour to sign all the paperwork to start the process and can usually be done within a few days of your initial call to our office. There is a cost to filing for bankruptcy, and the cost depends on your specific circumstances. In most cases, the fee charged by a licenced trustee is federally regulated. We can discuss the cost and the payment options with you when you contact us. Generally, a person who has never before been bankrupt qualifies for what is called an “automatic discharge” after 9 months. But sometimes bankruptcy can be longer than 9 months. Again, we can discuss the factors that would cause this to happen when you contact us. Wendy McMurtrie Meyers Norris Penny Limited 778-571-3520 wendy.mcmurtrie@mnp.ca