If you declare Bankruptcy in Newfoundland and Labrador, you can keep: Motor vehicle of the debtor up to a value of $2,000; Appliances and household furnishings up to a value of $4,000; Clothing up to a value of $4,000; Sentimental items up to a value of $500; Debtor’s equity in principal residence as defined up to $10,000; Specified personal property used for earning income up to a value of $10,000; All...

If you declare Bankruptcy in New Brunswick, you can keep: One motor vehicle having a realizable value of not more than $6,500 at the time the claim for exemption is made, or not more than any greater amount that may be prescribed, if the motor vehicle is required by the debtor in the course of or to retain employment or in the course of and necessary to the debtor’s trade, profession or occupation; Furniture, household furnishings and...

If you declare Bankruptcy in Prince Edward Island, you can keep: Motor vehicles of the debtor up to a value of $3,000 or $6,500 if required for work; Appliances and household furnishings up to a value of $5,000; All necessary and ordinary clothing of the debtor and his family; In the case of a debtor other than a farmer, tools, instruments and other chattel ordinarily used by the debtor in his business, trade or calling,...

If you declare Bankruptcy in the Yukon, you can keep: Household furniture, utensils, and equipment that are contained in and form part of the permanent home of a debtor not exceeding in value of $200; The necessary and ordinary wearing apparel of the debtor and the debtor’s family; The food, fuel an other necessaries of life required by the debtor and the debtor’s family for the next ensuing 12 months; Live-stock, fowl,...

If you declare Bankruptcy in Nunavut, you can keep: Household Goods – unlimited Clothing – unlimited Food – for the next ensuing 12 months Tools of Trade – unlimited Hunting Tools (including vehicles and ATVs) – unlimited Residence – up to $35,000 Vehicle – unlimited Medical Aids – unlimited

If you declare Bankruptcy in the Northwest Territories, you can keep: Household Goods – $5,000 Clothing – unlimited Food – for the next ensuing 12 months Tools of Trade (other than motor vehicles) – $12,000 Hunting Tools (including ATVs, but excluding other vehicles) – $15,000 Residence – up to $50,000 Vehicle – up to $6,000 Medical Aids – unlimited

Anyone filing personal Bankruptcy must attend two financial counselling sessions. The first session will be one to two months after you filed for Bankruptcy, while the second will be within seven months of filing. Your first session will focus on budgeting, money management and goal setting. In your second session, you will learn more about the Bankruptcy cycle, identify non-financial reasons that may have caused your problems and ways to repair your...

Filing for Bankruptcy should not affect your job. Some professional bodies may require you to disclose your Bankruptcy. If you’re bonded in your current position, you may want to contact your Human Resources department to confirm if there will be any impact on your job / duties.

Filing Bankruptcy will not affect your spouse’s credit rating. However, if you have any joint debt, your spouse would be responsible for paying that joint debt in full.