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Bankruptcy New Brunswick
Bankruptcy New Brunswick
What Assets Can Be Kept by a Debtor In New Brunswick?
Most people in New Brunswick have some sort of farm and therefore the bankruptcy rules in New Brunswick includes much provisions for those who have farming operations.
Let’s begin with items that the bankrupt in New Brunswick will be allowed to keep with no specific value mentioned. In other words none of these items are to be included in a bankruptcy and the trustee in bankruptcy will not be allowed to take any of these items and redistributed to any creditors.
Bankruptcy New Brunswick and Food ,Clothing and Fuel
To begin with all food that is required for the bankrupt and their family, all clothing that is required by the bankrupt on the family, and all fuel that is necessary for the bankrupt’s family are fully exempt and will not be touched by the trustee in bankruptcy.
Bankruptcy New Brunswick and A House And Household Items.
Sadly, there is a zero dollar exemption limits on a home that’s only New Brunswick. What this means is that for bankruptcy New Brunswick residents, any equity that is in a home can be taken and seized by a trustee in bankruptcy. Nothing will be allowed to be kept. Moneyandbusiness.ca strongly recommends watching the 5 Video Series on Bankruptcy to fully understand this 0$ home exemption rule.
However items within the home which includes all furniture, appliances, and other household items that totals a value of $5000 or less, the bankrupt in New Brunswick will be allowed to keep, however there is an option to negotiate with your trustee for an amount larger than $5000 if its necessary.
Bankruptcy New Brunswick and Seed Grain And Farming Animals
Where farming operations are concerned, there are specific limits as to the amount of animals that can be kept for six months and these include two(2) horses (and their harnesses), two(2) cows, ten(10) sheep, two(2) hogs, twenty(20) fowls and and food required for these animals for the next six months.
There is also a similar exemption limit for seed grains and farming supplies which includes 40 bushels of oats, 10 bushels of barley, 10 bushels of buckwheat, 10 bushels of wheat and 35 barrels of potatoes.
If there more than these limits are available, then that excess will be seized by a trustee in bankruptcy in New Brunswick.
For the above operations any tools and equipment that is needed for these farming operations up to a value of $6500 will be allowed to be kept.
Bankruptcy New Brunswick and Vehicles.
There is a general provision of a vehicle been allowed to be kept up to a value of $6500. However this can be negotiated with your trustee if the value of your vehicle is above this amount, and the bankrupt in New Brunswick requires such an expensive vehicle for purposes of trade occupation or transportation to a place where public transportation is not normally available.
Bankruptcy New Brunswick and General Exemptions
All items required for medical and health issues, all pets belonging to the bankrupt in New Brunswick, and all pension plans are generally exempted. However contributions made to RRSPs within the previous 12 months will be taken and handed over to the creditors.