Property Bankruptcy Exemptions in Prince Edward Island

  • The necessary and ordinary clothing of the debtor and his family;
  • Any motor vehicle owned by the debtor not exceeding $3,000 in value;
  • The household furniture, utensils, equipment, food and fuel that are contained in and form part of the permanent home of the debtor, not exceeding $2,000 in value;
  • Registered Retirement Income Funds (RRIFs);
  • RRSP's are exempt (no limit) provided they have a defined beneficiary which is a specific member of direct family;
  • In the case of a debtor other than a farmer, tools, instruments and other chattels ordinarily used by the debtor in his business, trade or calling, not exceeding $2,000 in value;

PEI Farmers also get:

  • Livestock, fowl, agricultural machinery and equipment ordinarily used by the debtor in his farm operation, not exceeding $5,000 in value, and
  • Sufficient seed to seed all his land under cultivation not exceeding 100 acres.

Some exemptions do not apply if you are late with your spousal or child support, check with your Trustee.

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.