How Does Bankruptcy Affect Exempt Assets In Alberta

                                                                                                                                                                                                                                                                                                                                                                                                 Certain assets that you own are protected when you file for bankruptcy, meaning that you get to keep them. There is a list of both federal exemptions (which are the same for all bankruptcies in the country), and a list of provincial exemptions (which vary by province). For a list of the provincial exemptions, please see What assets can I keep? under the Personal Options/FAQs/Personal Bankruptcy section of this site. The federal exemptions are such things as locked-in pensions, certain RRSPs (e.g. life insured or contributions over 12 months ago). Any exemptions that you claim are subject to you having given that asset as collateral for a loan. You basically give up your exemption until you pay the lien/loan back. Some examples of this could include a house mortgage, a car loan, or a furniture loan. Donna Carson, CGA, CIRP, Trustee Calgary, Airdrie, Drumheller regions 403.537.7657 or 1.877.500.0792