Bankruptcy Exemptions in Edmonton: What Are You Permitted to Keep?
In a personal bankruptcy in Edmonton you will be permitted to keep certain assets. Exemptions in bankruptcy differ in each province, so it is important to consult an Edmonton bankruptcy trustee for the complete list of bankruptcy exemptions in Edmonton.
In Edmonton, and the province of Alberta in general, there are up to $63,000 of exemptions that are available. Some examples of the most common bankruptcy exemptions used in Edmonton follow.
- Food for you and your family for the next 12 months.
- Household appliances and furnishings up to $4,000. Big screen TVs and antiques do not classify as household furnishings, but are considered luxury items. One exception in this section is furnishings bought from department stores that do not require you to pay the full amount right away. In this case, you must pay the full amount of the item to the trustee.
- Necessary clothing for you and your family up to $4,000.
- Motor vehicles of $5,000 in value. If you can prove you require your vehicle for employment purposes and it is used solely for the purpose of work, you may be able to claim your vehicle as a tool of trade. Otherwise, if you wish to keep a vehicle that is worth more than $5,000, you must pay your trustee the difference.
- Medical and dental aids required by you and your family.
- Up to $40,000 equity in your primary residence.
- Personal property used to earn income, up to value of $10,000.
- Handicap benefits, widow’s pension, and social allowances.
Our bankruptcy trustees in Edmonton offer a free initial consultation. To discuss any of the exemptions in bankruptcy listed above, or to simply review the full list of bankruptcy exemptions in Edmonton, please contact them today and arrange for a meeting. In addition, if you prefer, you can send your questions to our bankruptcy Edmonton trustees team by email.
