Will I lose everything in bankruptcy?
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:
Food required by you and your dependents during the next 12 months.
Necessary clothing up to a value of $4,000
Household furnishings and appliances to a value of
$4, 000
One motor vehicle not exceeding a value of $5, 000
Medical and dental aids required by you and your dependents.
Where you are a bona fide farmer and your principal source of livelihood is farming:
160 acres if your principal residence is located on that 160 acres and the 160 acres is part of your farm.
The equity in your principal residence, including a mobile home, up to a value of $40,000. If you are a co-owner of the residence, the amount of the exemption is reduced to an amount that is proportionate to your ownership interest.
Personal property (i.e., tools, equipment, books) that you require to earn income from your occupation up to a value of $10,000.
Where your primary income is from farming operations, personal property that you require for the proper and efficient conduct of your farming operations for the next 12 months.
Federal Legislation in Canada also allows you to keep:
cash surrender value of life insurance policies (including some R.R.S.P.'s) where the beneficiary named is the spouse, child, parent or grandchild.
generally, pension plans.
Canada Bankruptcy FAQ
Who can file bankruptcy or make a proposal in Canada?
Will bankruptcy in Canada get rid of all debts?
What is the bankruptcy fee in Canada?
Do I have to pay the fee up front?
Can my creditors continue to harass me after I file bankruptcy in Canada?
Will I be able to keep my vehicle?
Can my wages be garnished or my assets seized after I file bankruptcy in Canada?
If I file bankruptcy in Canada, can I still pay my family and friends?
Will you tell my employer that I filed bankruptcy in Canada?
Do I still handle my own money?
What happens to my credit cards?
Will I be able to get credit in the future?
Do I have to be living in Canada to file bankruptcy?
What if I win a lottery or receive an inheritance while in bankruptcy?
Can I file bankruptcy in Canada more than once?
What happens to my R.R.S.P. and/or pension plan if I file bankruptcy in Canada?
Will I lose everything in bankruptcy?
