My wife and I are thinking of claiming bankruptcy. If we file seperately, do we both get to keep $4000 in personal property, both keep $4000 in cloths, etc. Also, we have two leased vehicles. Are leases considered the same as secured credit, where Bankruptcy doesn't affect them? Ideally, we would only like to keep one of the vehicles anyhow, could we return one to the purchasing dealership, and receive protection under bankruptcy for the difference between what is owed and what the dealership will take the vehicle back for?

Leases are secured debts: you can usually return one vehicle and have the remainder of that lease be an unsecured debt in the bankruptcy, while still paying on the other lease for the second vehicle.

Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca