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Many people avoid bankruptcy at all costs, as they are afraid of losing everything they own in liquidation. However, not every possession will be taken away from you. In fact, there are quite a number of things you can keep if you file for bankruptcy in Kelowna.
Below is a list of some items you can expect to keep:
- Any clothing you or your family may need.
- Household furnishings and appliances that do not exceed $4,000 in value.
- A motor vehicle that does not exceed $5,000 in value if you are not a maintenance debtor under the Family Maintenance Enforcement Act, and that does not exceed $2,000 if you are a maintenance debtor.
- Tools and other personal items that do not exceed $4,000 in value if they are used to earn income.
- Medical and dental aids needed by you and your family.
Your main residence is exempt if the value of the equity in your home does not exceed:
- $12,000 if your residence is located inside the boundaries of the Capital Regional District or the Greater Vancouver Regional District.
- $9,000 if your residence is located outside the boundaries of the Capital Regional District or the Greater Vancouver Regional District.
Exemptible items may differ in some areas of the country, and even across the province. It is important to consult a license bankruptcy trustee in Kelowna for a precise list of items you may keep. For an initial consultation free of charge, contact us today!
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If you're having financial difficulties and live in the Kelowna area, call (250)-712-5353 today to meet with one of our experts, or complete the ask a question form to send us a message and we'll get in contact with you. |
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