Will my kids lose their belongings?
December 4th, 2014 by Questions
Just wondering if I claim bankrupcy, will they take my children’s belongings (ie. Toys, their furnature(bed, dresser))?
Posted from: New Brunswick
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December 04, 2014 at 10:29 am, Doug Stuive, CA | Trustee | CIRP said:
The short answer to your questions is ‘no’. Household goods and personal effects are included in those assets that are afforded exemption from the creditors under provincial legislation. Every province has different exemption limits for each category. In New Brunswick, your household goods and personal effects are exempt up to a value of $5000.00. This dollar value is not the replacement value of your goods, but the value of the goods currently. Therefore it is extremely unlikely that any trustee would seize your personal effects or furniture as they would not be likely to receive more than $5000 for used items and older furniture. An exception may be made if there is an item of extreme value in the household or a valuable collection ie. antiques, artwork etc.