0034 - Debt Related Queston: Bankruptcy Question # 0034
When a person declares bankruptcy, are all of their possessions confiscated and sold?
Under the Bankruptcy and Insolvency Act, a person’s possessions are exempt from seizure and sale in the following amounts:
- Household Goods - $4,000
- Motor Vehicle - $5,000
- Tools of the Trade - $10,000
- Equity in a Primary Residence - $12,000 in the GVRD and $9,000 outside this district