What can I keep if I go bankrupt in British Columbia?
Bankruptcy is federal law, governed by the Bankruptcy
& Insolvency Act. What you can keep if you go
bankrupt in British Columbia (called exemptions); however, is
governed by provincial legislation.
In British Columbia, you are allowed to keep the following items:
1.
Needed clothing for the debtor and his or her family members.
2.
One vehicle that does not exceed the value of $5,000 if the debtor is not a maintenance debtor under the Family Maintenance Enforcement Act, and does not exceed $2,000 if they are.
3.
Household appliances and furniture that do not exceed $4,000.
4.
Personal items or tools that the debtor uses to obtain income from their occupation that does not exceed $4,000.
5.
Necessary Medical and Dental Aids used by the debtor and his or her family members.
It is important to discuss your assets with your British
Columbia bankruptcy trustee prior to filing for bankruptcy
in British Columbia so that you are completely clear on
what you can keep if you go bankrupt in British Columbia
and which property you may lose if you go bankrupt in British
Columbia.
.gif){kind=spacer}
