What Assets Can I Keep in Bankruptcy (Canada)?


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Exempt Assets - Will I Lose Everything?
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Farmers in Financial Difficulty
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Exempt Assets in Bankruptcy (Canada) - Will I Lose Everything?

Assets you can keep in bankruptcy, by Canadian province:

Alberta  |  British Columbia  |  Saskatchewan  |  Manitoba  |  Ontario

Quebec  |  New Brunswick  |  Newfoundland  |  Nova Scotia

See also what the Canadian Bankruptcy Federal Legislation allows you to keep, including Directive 11-R.

See also Secured Creditors.


Alberta

In Alberta, what you are entitled to keep is determined by the Civil Enforcement Act. In summary, you are generally able to keep the following property:

British Columbia

Saskatchewan

For Non-Farmers:

For Farmers:

  • Furniture, furnishings and appliances to a value of $10,000

  • The cash equivalent of produce sufficient to provide food and fuel for heating until the next harvest

  • All livestock, farm machinery and equipment, including one car or truck, necessary for the next twelve months operations

  • One motor vehicle, if required for business or profession, but not in addition to the one above

  • Tools and equipment to a value of $4,500 used by a farmer in his trade or profession

  • Equity in personal residence to a value of $32,000 ($64,000 if jointly owned)

  • Seed grain equal to two bushels per acre of land under cultivation

  • Cash equivalent of crop equal to:

    • unpaid harvesting costs

    • living expenses to next harvest

    • necessary costs of farming until next harvest

  • The homestead

  • Certain life insurance policies

  • Certain pensions

Manitoba

Ontario

Quebec

* Nevertheless, the property referred to in first and third items above may be seized and sold by a creditor holding a hypothec thereon.

New Brunswick

Newfoundland

Nova Scotia

Other Legislation

Other Legislation also allows you to keep:

Income during bankruptcy (The Meaning of Directive 11-R)

When a person files an Assignment in Bankruptcy, a portion of their take-home pay may be payable to the Trustee for the benefit of all creditors. The actual amount payable depends on several factors, such as the take-home pay of the family unit, the number of people in the family and whether the family has non-discretionary expenses such as child care or child support. Any questions you have with respect to surplus income can be addressed with the Trustee at the first assessment.


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