Exempt Assets In Saskatchewan How Does The Bankruptcy Process Work

In Saskatchewan, the following assets are exempt, meaning you will get to keep them if you file bankruptcy. Any assets that is not exempt will be sold by the trustee. Household furniture and personal effects (up to a value of $4,500 per person). Tools of the trade, up to a value of $4,500. A vehicle, if you need it for your employment. Equity in your home (up to $32,000 in value, or $64,000 if jointly owned). Certain life insurance policies. Retirement savings plans, including RRSPs, RRIFs and DPSPs. Certain pensions. Certain life insurance policies. In order to start the bankruptcy process, you must meet with a trustee licenced by the Federal Government (such as myself) who will review all of your options with you. If bankrutpcy is the correct alternative, you can file bankruptcy if you owe more than $1,000 and are unable to pay your debts as they come due. To file bankruptcy you will sign a number of documents with the Trustee, including a Statement of Affairs wherein you will disclose your assets, debts etc. Please call 310-9700 (a toll free call from anywhere in Saskatchewan - do not dial 306 first) and you will be connected to the nearest MNP office to book an appointment. Feel free to e-mail if you wish as well. Ian Schofield MNP Regina [email protected]