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Property Bankruptcy Exemptions in New Brunswick
- Furniture, household furnishings and appliances used by the debtor or a dependent to a realizable value of $5,000 or to any greater amount that may be prescribed;
- Food, clothing and fuel necessary for the debtor and his family;
- Two horses and sets of harness, two cows, ten sheep, two hogs and twenty fowl, and food therefore for six months;
- Necessary tools, equipment and books to the value of $6,500 used in the practice of the debtor's trade or profession;
- Necessary seed grain and potatoes required for planting purposes to the following quantities: forty bushels of oats, ten bushels of barley, ten bushels of buckwheat, ten bushels of wheat and thirty-five barrels of potatoes;
- One motor vehicle having a realizable value of not more than six thousand five hundred dollars at the time the claim for exemption is made, or not more that any greater amount that may be prescribed, if the motor vehicle is required by the debtor in the course of or to retain employment or in the course of and necessary to the debtor's trade, profession or occupation or for transportation to a place of employment where public transportation facilities are not reasonably available;
- Necessary medical and health aids;
- Pets belonging to the debtor;
- Registered retirement savings plans (RRSP's, RRIF's and DPSP's (Deferred Profit Sharing Plans). Contributions made in the 12 months prior to the date of bankruptcy will be recovered (clawed back) for the benefit of the bankruptcy estate.
If you have property subject to seizure talk to the trustee about buying the asset back from the estate.
Rather than have the trustee seize and sell the asset, make an offer to pay for the item instead of losing it. Often a payment plan can be set such that you get to keep your property and the creditors get a fair amount in return.