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Bankruptcy in Manitoba
What assets are exempt?
Declaring personal bankruptcy in Manitoba 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 Manitoba will determine what assets are exempt.
Manitoba bankruptcy exemptions are:
- Furniture and household goods up to a value of $4,500
- Your and your family’s necessary and ordinary clothes
- The food and fuel your family needs for the next six months, or the cash equivalent
- Tools of the trade up to a value of $7,500
- One motor vehicle, if you need it for work, or to drive to and from work, up to a value of $3,000
- Items you need to perform religious services
- Medical aids needed by you and your family
- Municipal or school property
- The home where you live, up to a value of $1,500 each if you live in joint tenancy, or $2,500 if you do not live in joint tenancy
- All retirement savings plans, including RRSP's, RRIF's, and DPSP's
If you are a farmer, you can keep:
- The animals you need to continue farming for the next 12 months
- The seed you need to seed all the land you have under cultivation
- The farm machinery, dairy tools, and equipment you need for the next 12 months
- One motor vehicle, if you need it for agricultural operations
- Any 160 acres of farm land where you or your family live, or which you cultivate or use for grazing or other purposes, including all the buildings on it
For more information please contact your local trustee.
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