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