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Property Bankruptcy Exemptions in Newfoundland/Labrador
- Food required by debtor and dependants during the next 12 months;
- Medical and dental aids required by debtor and dependants;
- Domesticated animals which are kept as pets and not used for business purpose;
- Fuel or heating as a necessity for the debtor and his or her dependants;
- Clothing of the debtor and his or her dependants, of a value totalling $4,000;
- Appliances and household furnishings of a value totalling $4,000;
- Motor vehicle of the debtor, value totalling $2,000;
- Items of a sentimental value to the debtor, a value totalling $500;
- The debtor's equity in his or her principal residence, $10,000;
- Pensions;
- RRSPs, Registered Retirement Income Funds (RRIFs) and Deferred Profit Sharing Plans (DPSPs).
- Personal property used by and necessary for debtor to earn income from occupation, trade, business or calling, $10,000.
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.