Exempt & Non-Exempt Assets

Non-Exempt Assets

Those given to the trustee. All non-exempt assets are turned over to the Trustee for the benefit of the creditors.

Examples of non-exempt assets are:

• Income tax refunds for the years prior to bankruptcy (if not already received) and for the year of bankruptcy
• Non-exempt vehicles, motorcycles and trailers, boats and campers.
• Stocks, bonds and shares.
• Lottery winnings or inheritances received while in bankruptcy, up to the total amount of your liabilities.

Exempt Assets

Those you can keep.

Some of the assets that you may be entitled to keep are listed below:

• Clothing…up to a value of $4,000 (resale value).
• Furniture…up to a value of $4,000 (resale value).
• Vehicle…one motor vehicle up to a value of $5,000/
• House… equity in residence up to $40,000 or your mobile home up to $40,000.
• Tools of the Trade… up to a value of $10,000 if used in your work.
• Homestead… 160 acres – farmers only.> Food… 12-month supply.
• Farming… personal property necessary for farming operation for the next year, with the requirement that farming be your primary source of income.
• RRSP’s

Exempt items that are secured to a creditor must be paid for or given to the secured creditor.