Trustee in Bankruptcy 
Home > After bankruptcy > What you keep > Bankruptcy in Newfoundland & Labrador English | Français

Bankruptcy in Newfoundland & Labrador  

What assets are exempt?

Declaring personal bankruptcy in Newfoundland or Labrador 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 Newfoundland or Labrador will determine what assets are exempt.


Newfoundland & Labrador bankruptcy exemptions are:

  • The food and fuel you and your dependents need for the next 12 months
  • The medical aids you and your dependents need
  • Your pets
  • The clothes you and your dependents need up to a value of $4,000
  • Furniture and household goods up to a value of $4,000
  • Motor vehicles up to a value of $2,000
  • Items of sentimental value up to a value of $500
  • The equity in your home up to a value of $10,000
  • Tools of the trade up to a value of $10,000
  • Certain pension plans

For more information please contact your local trustee.

 

  
Legal Privacy Sitemap Disclaimer

© Deloitte & Touche LLP and affiliated entities.

TM © 2006, VANOC.