Bankruptcy Exemptions — assets you can keep if you file bankruptcy in Winnipeg or throughout Manitoba.
Furniture, household furnishings and appliances not exceeding total value of $4,500
Necessary and ordinary clothing of the debtor and family
Food and fuel necessary to family for period of six months or cash equivalent
If debtor is a farmer:
animals necessary for farming operation for 12 months
farm machinery, dairy utensils and farm equipment necessary for ensuing 12 months
one motor vehicle if required for purposes of agricultural operations
Tools, implements, professional books and other necessaries not exceeding a total value of $7,500 used in practice of trade, occupation or profession
One motor vehicle, if necessary for work or transportation to and from work, not exceeding $3,000 in value
Articles and furniture necessary to performance of religious services
Seed sufficient to seed all land of debtor under cultivation
Health aids, including wheelchair, air conditioner, elevator, hearing aid, eye glasses, prosthetic or orthopaedic equipment, necessary to debtor or family
Chattel property of municipalities and schools
Actual residence of the bankrupt, equity of $1,500 each if in joint tenancy or tenancy in common, or $2,500 if not in joint tenancy
RRSPs, Registered Retirement Income Funds (RRIFs) and Deferred Profit Sharing Plans (DPSPs)
For all provinces:
RRSPs - are exempt from seizure with the exception of any contributions made to RRSPs during the 12 month period prior to the date of bankruptcy.
Assets you can keep in bankruptcy in other provinces
Each individual's situation is unique. For help getting out of debt, call us in Winnipeg at 204-594-7160 or toll free in Manitoba at 1-866-941-6353 for a free, no obligation, confidential consultation.