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Moneyandbusiness.ca - Your Ultimate Small Business Guide
Bankruptcy Nova Scotia
Bankruptcy Nova Scotia
What Assets Can Be Kept by a Debtor In Nova Scotia?
Bankruptcy Nova Scotia rules can be stringent and strict as compared to some of the other provinces. Most items of value can be seized by a trustee in bankruptcy Nova Scotia except for those listed here.
Bankruptcy Nova Scotia and Necessary Items
Under the bankruptcy Nova Scotia rules as set by the government of Nova Scotia, these particular items can be left with the bankrupt and the rules stipulations that the are “as necessary.”
As necessary simply means that there is no dollar value On these items and your trustee in bankruptcy while reviewing your case will determine if what you have can be considered as “necessary.”
therefore in the first interview which is a trustee in bankruptcy, the trusty will ask several questions as to what assets are present and if these sounds too much then he or she will require a list of everything which is present in your home and was seize what he/she thinks is more than just “ necessary.”
The necessary items can include clothing, anything in your household that includes furniture, appliances, sofas, beds, washer dryers, and any other items of value that is normally found in a home.
Typically they were not touch any of these unless it sounds excessive.
All fuel that is required for heating and any food items are also similarly exempt and will not be touched by a trustee unless it sounds excessive.
For those who have a farm, a selective amount of grain sheep, seeds, cattle and other livestock are similarly exempt.
Similarly exempt are all medical aids and health apparatuses that are required by the bankrupt and or their dependents.
Bankruptcy Nova Scotia and Fishing And Farming
For those who make a living from farming or fishing, then a meager exemption limit of $1000 is allowed to be kept. What this means is that someone who has a fishing boats, fishing nets, and other tools for fishing, all will be seized by a trustee in bankruptcy with the exception of what $1000 is valued. In the fishing industry, $1000 value items is almost nothing. Unfortunately your boats and all of equipment is gone.
For the farmer, all land tractors and equipment with the exception of the value of $1000 was similarly be seized by a trustee in bankruptcy. Unfortunately, your farm is not exempted and that’s gone.
Bankruptcy Nova Scotia and Household Items
Bankruptcy Nova Scotia rules stipulates that any household goods that is valued more than $5000 will need to be handed over to the trustee in bankruptcy. The trustee will depend on you tell and him or her if what you have in a home is more than $5000. When asked that question if your answer is yes he or she will require a list of everything in your home and will seize items that is valued above that $5000 limit. Note that the trusty will not visit your home to verify what you have said.
Bankruptcy Nova Scotia and A Vehicle
Under the bankruptcy Nova Scotia rules, the impending bankrupt is allowed to keep one vehicle. That vehicle however, should not be valued more than $3000. If the vehicle is valued more than $3000, then this trustee in bankruptcy was seized that vehicle.
However if that vehicle is required for work or for the functioning of a business that generates income, and the value of that vehicle does not exceed $6500, then that’s the vehicle will be left with you. However if the value of that vehicle is above $6500, then a trustee in bankruptcy will seize it.
Bankruptcy Nova Scotia and Pensions
Like a few other provinces in Canada, the bankruptcy rules in Nova Scotia stipulates that all pension contributions made within the previous 12 months is to reclaimed and handed over to the trustee in bankruptcy who was then distributes those contributions among your creditors.
Note however that this only removes the contributions made within the last 12 months.