What do I loose?

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


One Response to “What do I loose?”

, 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.

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