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I’ve heard that in a bankruptcy the person in debt must surrender all of their possessions over to a licensed bankruptcy trustee. However, I would really like to keep some of my personal belongings, and I need some items to help my family survive. Are there any exceptions?
Yes there are some exceptions in St. John’s. Below is a brief list of some of the exemptions, but the complete list should be thoroughly reviewed before proceeding. A bankruptcy trustee can outline the specific exemptions for St. John’s.
- Needed food for you and your family throughout the first 12 months.
- eeded clothing for you and your family not exceeding the value of $4,000.
- Household furnishings, utensils, equipment, and appliances not exceeding the value of $4,000.
- Fuel or gas needed by you or your family.
- A single motor vehicle not exceeding $2,000 in value.
- Medical and dental aids required by your and your family.
- Items of sentimental value to you and your family not exceeding the value of $500.
- Domesticated animals that are kept as pets and not used for business.
- Your principal residence not exceeding the value of $10,000.
- Personal property used to earn income from your job, trade, or business not exceeding the value of $10.000.
- If your primary occupation is farming, you may keep agricultural products that you normally use for farming.
- If your primary occupation is fishing, you may keep personal property you use to earn an income from fishing not exceeding the value of $10,000.
- If your primary occupation is aqua culture, you may keep personal property normally used to earn an income, not exceeding the value of $10,000.
- Some income.
- Some pension plans.
For a detailed list of exemptions in St. John’s, Newfoundland, click here.
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