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Exempt Assets When Filing for Bankruptcy in British Columbia

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

MNPDebt-Body

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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    Categories:Bankruptcy

    Tags: Exempt; RRSP; Saving

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