declare

Exempt assets when filing bankruptcy in Manitoba



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hi my name is Gordon neudorf and I'm a

bankruptcy trustee and proposal

administrator with mnp one of the common

questions I'm asked is what assets can I

keep if I file for bankruptcy the

property exempt from seizure is set by

the provinces and territories and

applies to the equity in the asset

equity is the access that the value of

an asset has over any charges or

encumbrances against that asset for

example if you have a car worth ten

thousand dollars and there is a six

thousand dollars secured debt against it

in the equity in the car is four

thousand dollars in Alberta the

exemption for a car is five thousand

dollars so in this example you are

entitled to the equity of four thousand

dollars and the unsecured creditors

cannot take this manitoba bankruptcy

exemptions are furniture household

furnishings and appliances not exceeding

total value of forty five hundred

dollars one motor vehicle if necessary

for work or transportation to and from

work not exceeding three thousand

dollars in value actual residents of the

bankrupt equity of fifteen hundred

dollars each if in joint tenancy or

twenty five hundred dollars if not in

joint tenancy tools implements

professional books and other necessaries

not exceeding a total value of seventy

five hundred dollars used in practice of

trade occupation or profession necessary

an ordinary clothing of the debtor and

family health aides including wheelchair

air conditioner elevator hearing aid

eyeglasses prosthetic or orthopedic

equipment necessary to debtor or family

RRSPs registered retirement income funds

or riffs and deferred profit-sharing

plans known as dps piece certain life

insurance policies the food and fuel

necessary to family for period of six

months or the cash equivalent thereof if

the debtor is a farmer there are

additional exempt exemptions 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 any

160 acres of farmland upon which the

debtor or his family resides or which he

cultivates or uses for grazing or other

purposes as well as the buildings there

on seed sufficient to seed all land of

debtor under cultivation