If you file for bankruptcy in Coquitlam, British Columbia, you will be required to surrender most of your assets over to your trustee in exchange for the elimination of your debts. Luckily some assets can be saved from liquidation. A list of some of these assets is below:
Necessary clothing for you and your family.
One motor vehicle not exceeding the value of $5,000 if you are not a maintenance debtor under the Family Maintenance Enforcement Act, and not exceeding $2,000 if you are.
Household furnishings and appliances not exceeding the value of $4,000.
Tools and other personal property that are used by the debtor to earn income, not exceeding the value of $4,000.
Needed medical and dental aids for you and your family.
The principal residence of the debtor can be exempt if the value of the debtor’s equity in that residence does not exceed:
$12,000 if the debtor’s principal residence is located within the boundaries of the Capital Regional District or the Greater Vancouver Regional District.
$9,000 if the debtor’s principal residence is located outside the boundaries of the Capital Regional District or the Greater Vancouver Regional District.
The list of exemptible items differs in all areas of the country, so it is important that you speak to a licensed bankruptcy trustee in Coquitlam to ensure that you are aware of all possible exemptions.
If you're having financial difficulties and live in the Coquitlam area, call (604)-941-7739 today to meet with one of our experts, or complete the ask a question form to send us a message and we'll get in contact with you.
www.bankruptcy-coquitlam.com is a free resource for residents of Coquitlam British Columbia Canada
