Declaring personal bankruptcy in Quebec 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 Quebec will determine what assets are exempt.
Quebec bankruptcy exemptions are:
- The household furniture up to a value of $6,000
- The necessary household food, fuel, and clothing
- Any equipment you need for your work
- Family papers and portraits, medals, and other decorations
- Most property declared by a donor, or in a will, to be exempt from seizure
- Court-awarded support payments
- Benefits payable under an employer-sponsored pension plan
- Periodic disability benefits and expense reimbursements under a contract or accident and sickness insurance
- Property you need to compensate for a handicap
- A certain portion of your wages and salaries, based on the number of your dependents
- The equity in your home up to a value of $10,000
For more information please contact your local trustee.