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Property Bankruptcy Exemptions in Nova Scotia
PLEASE NOTE: A $10,000.00 PERSONAL RESIDENCE EXEMPTION HAS BEEN ENACTED FOR ONTARIO DEBTORS. CHECK WITH YOUR TRUSTEE FOR ADDITIONAL INFORMATION.
- Necessary wearing apparel, household furnishings and furniture; Necessary fuel and food;
- Necessary grain, seeds, cattle, hogs, fowl, sheep and other livestock;
- Necessary medical and health aids;
- Farm equipment, fishing nets, tools and implements used in debtor's chief occupation, not exceeding $1,000;
- Household goods not exceeding $5,000;
- Motor vehicle not exceeding $3,000;
- Motor vehicle if required for work or business not exceeding $6,500.
- 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 for the benefit of your creditors.
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.