British Columbia bankruptcy exemptions
Property exempt from seizure in a bankruptcy is set by the provincial government and applies to the equity in an asset. Equity is the difference between the value of the asset and what is owed on the asset.
Exempt property includes:
- Necessary clothing for you or your dependants
- Household furnishings and appliances that are of a value not exceeding $4,000
- One motor vehicle that is of a value not exceeding $5,000 if you are not a maintenance debtor under the Family Maintenance Enforcement Act, and $2,000 if the you are a maintenance debtor
- Tools and other personal property not exceeding $10,000 that you use to earn income from your occupation
- Medical and dental aids that you or your dependants require
- Principal residence of debtor
Principal residence of debtor
Your principal residence is exempt if the value of your equity in the principal residence does not exceed:
a) $12,000 if your principal residence is located within the boundaries of the Capital Regional District or the Greater Vancouver Regional District, or
b) $9,000 if your principal residence is located outside the boundaries of the Capital Regional District or the Greater Vancouver Regional District
For more information on bankruptcy exemptions in British Columbia, consult a BDO bankruptcy trustee in the province.