Declaring personal bankruptcy in British Columbia 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 British Columbia will determine what assets are exempt.
British Columbia bankruptcy exemptions are:
- The equity in your home up to $12,000 if you live in Greater Vancouver or Victoria
- The equity in your home up to $9,000 for the rest of the province
- Household goods up to a value of $4000
- One vehicle up to a value of $5,000 (or $2,000 if you are behind on child support payments)
- The tools of the trade up to a value of $10,000
- All your essential clothing and medical aids
For more information please contact your local trustee.