As a Licensed Insolvency Trustee in BC I often get asked, what can I keep if i go Bankrupt? Every province in Canada allows you to keep some level of personal assets if you declare bankruptcy. These are known as exempt assets. The nature of the assets that you can keep
depends on the applicable provincial legislation where you file for bankruptcy. If you declare bankruptcy, file a proposal
or even if you are sued, in British Columbia the BC Court Order Enforcement Act allows
you to keep from your creditors $5000 equity in a vehicle
$10,000 in Tools of the Trade $4,000 in Home Furnishings and Appliances
$12,000 in equity in a primary residence In addition to the above amounts there is
other legislation that allows you to keep your RRSP’s except for any contributions
you have made in the previous 12 months. Call us today for your free consultation, or visit our website at cecraig.com for more videos