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Alberta Bankruptcy Exemptions

Alberta Bankruptcy Exemptions

Alberta Bankruptcy Exemptions: Non-Exempt Assets

Those given to the trustee. All non-exempt assets are turned over to the trustee for the benefit of the creditors.

Examples of non-exempt assets are:

  • Income tax refunds for the years prior to bankruptcy (if not already received) and for the year of bankruptcy
  • Non-exempt vehicles, motorcycles and trailers, boats and campers.
  • Stocks, bonds and shares.
  • Lottery winnings or inheritances received while in bankruptcy, up to the total amount of your liabilities.

Alberta Bankruptcy Exemptions: Exempt Assets

Those you can keep.

Some of the assets that you may be entitled to keep are listed below:

  • Clothing…up to a value of $4,000 (resale value).
  • Furniture…up to a value of $4,000 (resale value).
  • Vehicle…one motor vehicle up to a value of $5,000/
  • House… equity in residence up to $40,000 or your mobile home up to $40,000.
  • Tools of the Trade… up to a value of $10,000 if used in your work.
  • Homestead… 160 acres – farmers only. Food… 12-month supply.
  • Farming… personal property necessary for farming operation for the next year, with the requirement that farming be your primary source of income.
  • RRSP’s

Exempt items that are secured to a creditor must be paid for or given to the secured creditor.

For More Information about Alberta Bankruptcy Exemptions Please Contact Our Trustees
(403) 265-4357