Bankruptcy Exemptions Quebec
June 18th, 2014 by Questions
I have a cottage in Quebec and recently had an oil spill that affected my neighbors property. So far I have spent over $ 25000. which I borrowed on my wife’s line of credit on her house in Ottawa, Ontario. The job is not complete and will require another 30 to 40 M to complete which I don’t have. I am 73 and receive CPP and OAS as well as a small income from a RIF. The cottage is free and clear and in my name only as I owned it before I was married as did my wife the house we live in was her’s before our marriage and in her name only. What are the bankruptcy exemptions Quebec? What will I lose if I go bankrupt.
Posted from: Quebec
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June 18, 2014 at 4:34 pm, Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said:
In the province of Quebec, when you file an assignment in bankruptcy you assign everything you own, have a right to, or an interest in for the general benefit of your creditors with the exception of the following exemptions:
Food and fuel: no dollar limit.
Clothing: no dollar limit.
Household furniture and appliances: specific types, up to $6,000.
Motor vehicle: no dollar limit.
Disability aids, accident benefits: no dollar limit.
Tools of your trade: no dollar limit.
Farm property: no dollar limit.
Principal residence: $10,000.
Support received through court order, donation, or bequest.
Most property declared exempt by a donor or will.
A certain portion of your wages and salaries, based on the number of your dependents.
Benefits payable and employer contributions under an employer-sponsored pension plan.
Family papers and portraits, medals and other decorations, and documents.
Items used in religious worship.
Income for services as a minister of religion.
Food, lodging, and transportation passes received for employment travel.
If you would like to discuss these exemptions or process of filing an assignment in bankruptcy in more detail you should contact a local trustee.