If you file for bankruptcy in Prince George, British Colombia you will be required to surrender most of your assets over to a bankruptcy trustee in exchange for the elimination of your debts. However, some assets can be protected from liquidation. These assets are listed below:
Needed clothing for you and your family.
Household furnishings and appliances not exceeding the value of $4,000.
A single motor vehicle not exceeding the value of $5,000 if you are not a maintenance debtor under the Family Maintenance Enforcement Act, and $2,000 if you are a maintenance debtor.
Tools and other personal property which you use to earn income, not exceeding the value of $4,000.
Medical and dental aids that are needed by you and your family.
Your principal residence will be exempt if the value of the equity in it does not exceed:
$12,000 if your residence is located within the boundaries of the Capital Regional District or the Greater Vancouver Regional District.
$9,000 if your principal residence is located outside the boundaries of the Capital Regional District or the Greater Vancouver Regional District.
If you're having financial difficulties and live in the Prince George area, call (604) 669-4466
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.
www.bankruptcy-prince-george.com, sponsored by Deloitte & Touche Inc. – call us today at 604-669-4466
