August 9th, 2008 by Questions
Will I loose my house and or any personal belongings ie: jewellery, tv`s, cars etc, if I choose a proposal.
Posted from: Alberta
August 11, 2008 at 11:08 am, Barton Goth - Goth & Company Inc. - Bankruptcy Trustees said:
In Alberta you are permitted the following exemptions:
1. Food required by yourself and / your dependants during the next 12 months;
2. Necessary clothing and personal effects of you and your family up to a value of $4,000;
3. Household furniture and appliances up to a value of $4,000;
4. One motor vehicle not exceeding a value of $5,000.00 (so if there is a loan against the vehicle you determine the value by taking the current market value and subtracting the amount of the associated loan);
5. Any medical and dental aids required by yourself or your dependents; and
6. Up to $40,000 equity in your principal residence, including a mobile home; and
7. All registered retirement savings plans (RRSP’s, RRIF’s and DPSP’s) except for contributions made in the 12 months prior to filing for bankruptcy.
This is a list of the property you can protect in both a bankruptcy or a proposal. But with proposals you have a little more flexibility in how you structure things so if you have some assets that may be lost in a bankruptcy we can often arrange things in a manner that will permit these assets to be retained.
Log in to Reply
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.