A common concern I hear from individuals contemplating filing for bankruptcy or a consumer proposal is, "Can I keep my car"? In most cases, yes. Watch my latest video to learn more.
Filing an assignment in bankruptcy can involve turning your assets over to a bankruptcy trustee. However, individuals going through bankruptcy are allowed to retain certain assets to maintain a reasonable standard of living. The assets you can keep in bankruptcy are determined by the law of the Province in which you live. In this video I describe the assets an individual can retain in a bankruptcy filed in British Columbia.
BC's Finance Minister released its first fiscal update on this year's budget and forecasts that property transfer tax revenue will surpass all other revenue for the Province of BC. But real estate sales have been declining after introduction of the foreign buyer's tax, and all signs point to a further cooling of the market.
What will a real estate slowdown mean for BC consumers? A slowdown of business activity, stagnant wages and a scarcity of jobs. These are risks that British Columbian's need to be aware of.
Fortunately there are simple steps consumers can take to be more financially prepared: 1) control spending; 2) address debt problems; and 3) create a cash reserve.