Bankruptcy Exemptions in Alberta: The Properties You May Keep When Going Bankrupt in AB

Civil Enforcement Act

Statute: Click here to read the Statute

Exempt Property

  1. the food required by the debtorand the enforcement debtor’s dependants during the next 12 months;
  2. the necessary clothing ofthe debtor and his/her dependants up to $4,000;
  3. household furnishings andappliances up to $4,000;
  4. one motor vehicle up to $5,000;
  5. medical and dental aids thatare required by the debtor and his/her dependants;
  6. the principal residence ofa debtor, including a residence that is a mobile home, up to $40,000,but if the debtor is a co-owner of the residence, the amount of the exemption allowed under this provision is reduced to an amount that is proportionate to the debtor’s ownership interest in the residence;
  7. in the case of a debtor whose primary occupation is not farming, personal property up to the valueof $10,000 that is used by the debtor to earn income from the debtor’s occupation;
  8. social allowance, handicap benefit or a widow’s pension if the proceeds from the payment arenot intermingled with any other funds of the debtor.

Farm Property

  1. in the case of an debtor whose primary occupation is farming, up to 160acres of land if the debtor’s principal residence is located on that landand that land is part of that debtor’s farm
  2. in the case of an debtor whose primary occupation is farming, the personal property that is necessary for the proper and efficient conduct of the debtor’sfarming operations for the next 12 months.

What do I do now?

For more information on what assets you get to keep if you go bankrupt in Alberta, and details about the rules regulating bankruptcy exemptions in Alberta, please consult an Alberta bankruptcy trustee.

Join the Conversation

Leave a Reply

Your email address will not be published. Required fields are marked *

four × 1 =