2025-06-30
Who Can File For Bankruptcy
Bankruptcy
There are several common scenarios which may cause you to wonder whether personal bankruptcy is an appropriate option to get out of debt.
2012-01-04
1. A farmer may be able to claim both a principal residence and a homestead, but he must live on the homestead for at least part of the year in that case.
2. Only one car/ truck can be exempt.
3. Land other than the homestead (home quarter) is not exempt.
4. Only individuals get exemptions, corporations do not.
5. Certain types of security can survive a bankruptcy, notwithstanding that there are no assets to attach at the date of bankruptcy. You should consult with our insolvency professionals if any lender has a general security agreement over your assets.
6. Claims for exemption will not succeed against what is commonly termed “Bank Act” security.
The interplay between exemptions and security is complex in a farm scenario and we strongly encourage you to consult with us in respect to your particular situation. For more information, please contact us or consult our Bankruptcy FAQ.
For non-farmers in Saskatchewan click here or see below for details on exempt assets in other Provinces:
2025-06-30
Bankruptcy
There are several common scenarios which may cause you to wonder whether personal bankruptcy is an appropriate option to get out of debt.
2025-06-30
Debt Solutions
Here are the four stages of debt collection you can expect.
2025-06-30
Credit Counselling
Here are the ABC’s of dealing with creditors and debt collectors.