BC Bankruptcy Exemptions.

BC Bankruptcy Exemptions.BC Bankruptcy Exemptions.

BC Bankruptcy Exemptions (What you Keep) are:

Equity in a home in Greater Vancouver and Victoria = $12,000.  In the rest of the province = $9,000;

Equity in Household items = $4,000;

Equity in a vehicle = $5,000;  The vehicle exemption drops to $2,000 if the debtor is behind on child care payments (to facilitate the enforcement of Maintenance Orders);

Equity in work tools = $10,000;

Exemptions are in effect for all registered retirement savings plans (RRSP’s, RRIF’s and DPSP’s (Deferred Profit Sharing Plans). However, any Contributions that were deposited within the 12 months prior to going bankrupt will be recovered and given to the insolvency estate.

Equity in essential clothing and medical aids is unlimited.

In Canada it is the provinces and territories that set the exemptions or assets that you keep in a bankruptcy or a consumer proposal.

Exemptions apply to the equity you have in an asset. For example, if you are a contractor and have tools of the trade worth $12,000 on which there is secured debt registered against the tools of say … $3,000 then your equity in the tools is $9,000.   So in this example, you are allowed to keep this equity of $9,000 and the unsecured creditors cannot take this.

These exemptions also apply to people who are not in bankruptcy or have not filed a proposal.

Are you in danger of losing some of your assets if you file bankruptcy?

If so, a consumer proposal will allow you to erase your debts and to retain all your assets, while paying only a portion of what your owe… say 50% of your debt or perhaps 30%.

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Bankruptcy Essentials Book.

Bankruptcy Essentials.

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