Assets Kept In Bankruptcy

The assets that you are allowed to keep (known as "exempt assets") vary from province to province.  In British Columbia, the exemptions are: -    $4,000 of household furnishings and appliances (value based on liquidation value, not replacement value) -    $5,000 of equity in one motor vehicle (this is reduced to $2,000 if there is a debt owing for family maintenance obligations) -    $12,000 of equity in your principal residence (this amount is reduced to $9,000 if you live outside of the Greater Vancouver Regional District or the Victoria Capital Region). -    $10,000 for tools of trade that you require to earn a living -    necessary clothing and medical aids -    certain RRSPs, pension plans and life insurance policies Wendy McMurtrie Meyers Norris Penny Limited 778-571-3520 wendy.mcmurtrie@mnp.ca