Exempt Assets When Filing for Bankruptcy in British Columbia

04/01/2012 12:00 AM | Dean Prentice

Watch the video or continue reading below.

Equity in a home in Greater Vancouver and Victoria = $12,000. In the rest of the province = $9,000;

Equity in Household items = $4,000;

Equity in a vehicle = $5,000; The vehicle exemption drops to $2,000 if the debtor is behind on child care payments (to facilitate the enforcement of Maintenance Orders)

Equity in work tools = $10,000;

Exemptions are in effect for all registered retirement savings plans (RRSP's, RRIF's and DPSP's (Deferred Profit Sharing Plans);

Contributions made in the 12 months prior to the date of bankruptcy will be recovered (clawed back) for the benefit of the bankruptcy estate;

Equity in essential clothing and medical aids is unlimited.

Additional Resources

For more information, please contact me directly or consult our Bankruptcy FAQ.

Please see below for details on exempt assets in other Provinces:

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