Assets listed as bankruptcy exemptions in Vancouver British Columbia are the assets you will be allowed to keep in a personal bankruptcy in Vancouver. Here is a list of items marked by the provincial legislation as exemptions in bankruptcy:
- Essential clothing for you and your family. The value is unlimited.
- Household furnishings up to the value of $4,000.
- A vehicle in value of $5,000. If you are a debtor under the Family Maintenance Enforcement Act, the value is $2,000.
- Tools of trade in value of $10,000. This includes any items used to earn income.
- Equity in your principal residence in the Greater Vancouver Regional District (GVRD) in value of $12,000
- $9,000 if your principal residence is outside the boundaries of the GVRD.
For a complete list and more detailed explanation of bankruptcy exemptions in Vancouver, British Columbia please contact a bankruptcy trustee near you.
