What assets are exempt?
Declaring personal bankruptcy in Alberta will not mean losing all your assets. Many personal assets are “exempt” during a bankruptcy. Exempt assets are the ones you are allowed to keep. The property laws in Alberta will determine what assets are exempt.
Alberta bankruptcy exemptions are:
- The equity in your house or mobile home, up to a value of $40,000
- The percentage of equity you own in your house, if you are a co-owner
- Tools of the trade up to a value of $10,000
- The food you need for yourself and your dependents for the next 12 months
- The clothes you and your dependents need, up to a value of $4,000
- Household furniture and appliances, up to a value of $4,000
- The equity in one motor vehicle, up to a value of $5,000
- Medical aids you and your dependents need
If you are a farmer, you can keep:
- Up to 160 acres of land, if your house is located on that land, and that land is part of the land you farm
- Personal property you need to operate your farm for the next 12 months, if your main income is from farming
For more information please contact your local trustee.