2025-08-01
How does filing for Bankruptcy affect your employment and salary?
If you are considering filing for Bankruptcy, it is important to understand the impact on your employment and salary.
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:
2025-08-01
If you are considering filing for Bankruptcy, it is important to understand the impact on your employment and salary.
2025-08-01
Lifestyle Debt
Household debt ratios continue to break records across the country. And as more and more people are working to service that debt, many are unable to set aside savings for unexpected expenses.
2025-08-01
Bankruptcy
If you’re struggling with your finances and heading toward bankruptcy, you may think it makes sense to sell or transfer some of your assets.