Calgary residents filing personal bankruptcy are allowed to protect some of their assets from being liquidated in the bankruptcy process. A list of basic bankruptcy exemptions in Calgary, Alberta follows:
Necessary food for the debtor and their dependants for the next 12 months.
Necessary clothing for the debtor and their dependants up to $4,000.
Household furnishings and appliances up to $4,000.
A motor vehicle up to $5,000.
Medical and dental aids that are required by the debtor or their dependants.
The principal residence of a debtor, including a residence that is a mobile home, up to $40,000. However, if the debtor is a co-owner of the residence, the amount of the exemption allowed is reduced to an amount that is proportionate to the debtor's ownership interest in the residence. In Calgary, Alberta, real estate prices have been on the rise, and due to this many of our clients do not own homes. This being the case, exemptions are not as high as they once were.
If the debtor’s primary occupation is not farming, personal property up to $10,000 that is used by the debtor to earn income.
Social allowances, handicap benefits, or a widow’s pension if the proceeds from the payment are not intermingled with any other funds of the debtor.
Bankruptcy Exemptions when Farming Is Primary Occupation
Rules pertaining to the situation when debtor's primary occupation is farming list the following assets as exemptions in bankruptcy in that case:
Up to 160 acres of land if the debtor’s principal residence is located on that land, and that land is part of the debtor’s farm.
The personal property that is necessary for the proper and efficient conduct of the debtor’s farming operations for the next 12 months.
Please note that the above lists of bankruptcy exemptions in Calgary, Alberta are not final and that you should contact a bankruptcy trustee in Calgary for a complete list of exemptions in bankruptcy in the province and the city.
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