Bankruptcy Exemptions in British Columbia

Court Order Enforcement Act

Statute: Click here to read the Statute

Regulation: Click here to read the Regulations

Exempt Property

  1. necessary clothing of the debtor and the debtor’s dependants;
  2. household furnishings and appliances that are of a value not exceeding $4,000;
  3. one motor vehicle that is of a value not exceeding $5,000 if the debtor is not a maintenancedebtor under the Family Maintenance Enforcement Act and $2,000 if the debtor is a maintenance debtor;
  4. tools and other personal propertyof the debtor, not exceeding $4,000, that are used by the debtor to earn income from the debtor’s occupation; and
  5. medical and dental aids that are required by the debtor and the debtor’s dependants.

Principal residence of debtor

The principal residence of a debtor is exempt if the value of the debtor’s equity in the principal residence does not exceed:

  1. $12,000 if the debtor is a person whose principal residence is locatedwithin the boundaries of the Capital Regional District or the Greater Vancouver Regional District.
  2. $9,000 if the debtor is a person whose principal residence is locatedoutside the boundaries of the Capital Regional District or the Greater Vancouver Regional District.

What do I do now?

For more information on what properties you get to keep if you go bankrupt in British Columbia, and more details on bankruptcy exemptions in British Columbia, please consult a British Columbia bankruptcy trustee.

Join the Conversation

Leave a Reply

Your email address will not be published.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

4 + 12 =