Declaring personal bankruptcy in Prince Edward Island 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 Prince Edward Island will determine what assets are exempt.
Prince Edward Island bankruptcy exemptions are:
- You and your family’s necessary and ordinary clothing
- A motor vehicle if needed for work up to a value of $6,500
- The household furniture, food, and fuel up to a value of $2,000
- RRSPs that have a defined beneficiary who is a specific member of direct family
- Tools of the trade up to a value of $2,000
- Health aids you and your dependents need
- If you are a farmer, you can keep livestock, fowl, agricultural machinery, and other equipment you use in your farming operation, up to a value of $5,000, as well as sufficient seed to seed all your land under cultivation, up to 100 acres