(Text shows “What assets can I keep?” and then slowly fades away.)
Unless your spouse or partner
(Freida Richer, Licensed Insolvency Trustees, appears on the screen.)
that they will lose everything, and I can say that that is not true. In a bankruptcy, exempt assets are assets that you can keep that your creditors are not entitled to, or they cannot seize and that is governed under provincial rules. And so, you can continue to pay your mortgage. You can continue to pay on your vehicle. You won’t lose everything. Now, if it turns out there are certain non-exempt assets that you have to turn into the trustee, it’s not punishment. Consider that a settlement or a sort of token amount that you are giving to the creditors in exchange for wiping out the debt.
(Freida fades off the screen, and the Grant Thornton logo appears. The video ends.)