Bankruptcy Exemptions & Consumer Proposals in Manitoba
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Bankruptcy exemptions in Manitoba
If you file a bankruptcy in Manitoba, you will be wanting to know what items are exempt from seizure and this can differ between provinces.
Remember that bankruptcy should always be a last resort and there may be other viable alternatives that you can discuss with your licensed trustee.
According to The Executions Act, there are certain assets that are exempt in bankruptcy so you can have peace of mind knowing that personal property can be protected from creditors.
Harris & Partners is a specialist Licensed Insolvency Trustee with offices based across Canada, providing debt relief solutions to individuals and businesses struggling to manage their debt.
Contact us today for a free consultation with one of our licensed insolvency trustees and we’ll help you find the best debt solution for you.
How do consumer proposals work in Manitoba?
With a consumer proposal, individuals enter a legally binding agreement with creditors, drawn up by their licensed insolvency trustee, that outlines a debt repayment plan that works for both parties.
To determine whether a consumer proposal is the right choice for you, your total debt must be under $250,000 (or $500,000 for spouses) and you must prove that you are unable to make minimum monthly payments on bills.
A consumer proposal is a better alternative to bankruptcy because it stops your assets from being taken and makes debt repayment far more manageable.
If you are based in Manitoba and want to find out more about the process of filing a consumer proposal, get in touch with us today.
Manitoba bankruptcy exemptions
- All clothing.
- Household furnishings and appliances valued up to $4,500.
- Food and fuel needed for six months or the financial equivalent.
- Trade tools valued up to $7,500.
- A motor vehicle worth up to $3000 when used for business or work-related purposes.
- Health aids such as wheelchairs, hearing aids, prosthetics etc.
- Up to $2,500 worth of equity if you are the sole homeowner and $1,500 if co-owning.
- Furniture necessary for religious activities.
- Certain life insurance policies.
- Farm equipment needed for the next 12 months.
How can I find out more?
We understand that bankruptcy is a scary process to confront and this is why it is so important to consult your local licensed trustee in Manitoba to make sure that you are clear about all of the options available to you.
Contact Harris & Partners Licensed Insolvency Trustee for a free, no-obligation consultation and start your journey towards a debt-free life.