What Assets Can Be Kept by a Debtor In Manitoba?
Bankruptcy in Manitoba, or a bankruptcy in Winnipeg is legally divided into two sections depending on if the bankrupt is a farmer or not.
Let’s look at the first instant of where the bankrupt in Manitoba or Winnipeg is not a farmer. This is a typical individual who has a job and may or may not own a home.
Bankruptcy in Manitoba, or bankruptcy in Winnipeg is one of the simplest but stringent of all the provinces where exemptions are concerned.
Bankruptcy Manitoba and Household Items
Bankruptcy Manitoba Or Bankruptcy Winnipeg combines all assets in the home into one lump sum value that can be exempted. That means that the value of all furniture, all appliances, and anything else in the home will be combined and then compared to the provincial limit for exemptions.
Bankruptcy Manitoba or bankruptcy Winnipeg rules stipulates that a maximum of $4500 can be kept by the bankrupt. Your trustee in bankruptcy will ask if there is more than such a value in your home, and if yes he or she will require a list of everything that is in your home and any value above $4500 will be seized by a trustee. If your answer no to this question than the trustee will continue on with the next question during the first interview.
Bankruptcy Manitoba and A House
Bankruptcy Manitoba and Pensions
Bankruptcy Manitoba and A Farmer
A farmer that goes bankrupt in Manitoba or in Winnipeg will be subjected to the 12 month rule for some items on the farm. The 12 month rule stipulates that certain items that is necessary for the survival of the next 12 months can be kept. This will includes all farm machinery, farm equipment and/or animals necessary for farming during this time.
If a vehicle is necessary for farming operations that this will be allowed to be kept with no exemption limits. However if the vehicle is to be used to travel to and from work off of the farm and that to be subjected to a $3000 maximum value.
Also the bankrupt in Winnipeg or the bankrupt in Manitoba will be allowed to keep up to 160 acres of farmland on which the family presently resides and which is presently being use for farming.
There is also an exemption limit of up to $7500 for tools and other necessities as required for farming purposes.
There are general exemptions with no limits for items relating to those of a religious nature, seed required to continue farming and all necessary health aides.