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Bankruptcy versus Consumer Proposal timelines: What to expect from start to finish
How Does Bankruptcy Affect Exempt Assets In Alberta
2008-12-22
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
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MNP Consumer Debt Index: Nova Scotians caught in pre-spent paycheque cycle amid sustained cost pressures
MNP Consumer Debt Index
Atlantic Canadians (68%) are more likely than those in other provinces to say at least half of their income is already committed to bills, debt payments, and regular expenses before it arrives.
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MNP Consumer Debt Index: Canadians caught in pre-spent paycheque cycle amid sustained cost pressures
MNP Consumer Debt Index
According to the latest MNP Consumer Debt Index, three in five Canadians (61%) say at least half of their income is already committed to bills, debt payments, and regular expenses before it arrives.
