Bankruptcy, governed by the Bankruptcy
& Insolvency Act, is federal law. What you
can keep if you go bankrupt in Newfoundland (called exemptions);
however, is governed by provincial legislation.
In Newfoundland, you are permitted to keep these items:
1.
Food required by the debtor and his or her family, to live for 12 months.
2.
Clothing for the debtor and his or her family, not exceeding value of $4,000.
3.
Household furnishings, utensils, and appliances not exceeding value of $4,000.
4.
Fuel and heating necessary for debtor and his or her family.
5.
Motor vehicle not exceeding value of $2,000.
6.
Medical and dental aids required by debtor and his or her family.
7.
Domestic animals used as pets.
8.
Treasured personal items of debtor not exceeding value of $500.
9
Primary residence not exceeding $10,000.
10
Tools and equipment used by debtor to produce income for family, not exceeding value of $10,000.
11
Some income and pension plans.
It is crucial to discuss your property
with your Newfoundland bankruptcy trustee
before filing for bankruptcy in Newfoundland. You should be completely
clear on what you can keep if you go bankrupt in Newfoundland
and which property you may lose if you go bankrupt in Newfoundland.
.gif){kind=spacer}
