2009-01-20
Hello, Under provincial legislation in Manitoba there is an exemption for what is called “tools of trade.” As a mechanic you would be eligible for this exemption on your tools up to a value of $7,500. Since your tools are worth approximately $5,000 the Trustee would not have an interest in this particular asset. At the same time, if your tools are held as security on a loan, you would have to continue making payments to that secured creditor in order to retain your tools. The tools of trade exemption can apply to a number of different circumstances. For example, a welder or carpenter to name a few. It may also apply to other professions that do not involve manual labour. The legislation states “the tools, implements, professional books and other necessaries, not exceeding the aggregate sum of $7,500 used by the judgment debtor in the practice of his trade, occupation or profession or to carry on his business.” This type of legislation varies by province and as such you should contact an MNP Trustee in your area. Brad Milne Trustee in Bankruptcy Brandon, Manitoba
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Bankruptcy Consumer Proposal
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If you are considering filing for Bankruptcy, it is important to understand the impact on your employment and salary.
