Saskatchewan Bankruptcy Exemptions (Assets you keep in a Bankruptcy)
Saskatchewan Bankruptcy Exemptions (Assets you keep in a Bankruptcy)
http://saskatchewan-bankruptcy-exemptions---assets-you-keep.saskatchewan.province.canadian-trustees-in-bankruptcy.bankruptcy.tel
- Saskatchewan Bankruptcy Exemptions are:
For Non-Farmers:
* Household furniture and personal effects to a value of $4,500 per person;
* Tools of the trade to a value of $4,500;
* Equity in a vehicle = $5,000; The vehicle exemption drops to $2,000 if the debtor is behind on child care payments (to facilitate the enforcement of Maintenance Orders);
* Equity in personal residence to a value of $32,000 ($64,000 if jointly owned) to a maximum of $128,000 if held by four parties;
* Certain life insurance policies;
* RRSPs, RRIFs and DPSPs are exempt from seizure.
For Farmers:
* Furniture, furnishings and appliances to a value of $10,000;
* The cash equivalent of produce sufficient to provide food and fuel for heating until the next harvest;
* All livestock, farm machinery and equipment, including one car or truck, necessary for the next twelve months operations;
* One motor vehicle, if required for business or profession, but not in addition to the one above;
* Tools and equipment to a value of $4,500 used by a farmer in his trade or profession;
* Equity in personal residence to a value of $32,000 ($64,000 if jointly owned) to a maximum of $128,000 if held by four parties;
* Seed grain equal to two bushels per acre of land under cultivation;
* RRSPs, RRIFs and DPSPs are exempt from seizure;
* Certain life insurance policies;
* Cash equivalent of crop equal to:
* Unpaid harvesting costs;
* Living expenses to next harvest;
* Necessary costs of farming until next harvest.
