Prince Edward Island Bankruptcy Exemptions

Judgment and Execution Act

Statute: Click here to read the Statute

Exempt Property

  1. the necessary and ordinary clothing of the debtor and his family.
  2. any motor vehicle owned by the debtor not exceeding $3,000 in value,
    except to satisfy all or any part of a fine the payment of which is in default under the Summary Proceedings Act
  3. the household furniture, utensils, equipment, food and fuel that are contained in and form part of the permanent home of the debtor, not exceeding $2,000 in value.
  4. in the case of a debtor other than a farmer, tools, instruments and other chattels ordinarily used by the debtor in his business, trade or calling, not exceeding $2,000 in value.

Farm Property

  1. livestock, fowl, agricultural machinery and equipment ordinarily used by the debtor in his farm operation, not exceeding $5,000.
  2. sufficient seed to seed all his land under cultivation not exceeding 100 acres.

What do I do now?

For more information on bankruptcy exemptions in Prince Edward Island, and what you get to keep if you go bankrupt in Saskatchewan, please consult a PEI bankruptcy trustee.

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