Bankruptcy in Regina, Saskatchewan allows you to protect certain assets from being liquidated. The list of permitted exemptions is below:
- Household furniture and personal effects up to a value of $4500 per person.
- Necessary clothing
- Tools of the trade up to a value of $4500.
- One motor vehicle of a reasonable value, if required for your trade, calling or profession
- Equity in a principal residence up to $32000 per titleholder
- Substantially all registered retirement plans. Certain life insurance policies.
- The home quarter, if a farmer.
Exemptions differ throughout Canada, as they are regulated provincially, therefore it is important to discuss the exemptions with your bankruptcy trustee.
