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Bankruptcy Property Exemptions in British Columbia
It is not the intention of the Bankruptcy Act to leave you without the basic requirements of living. Each province has property exemptions. Some provinces increase these exemptions each year to reflect inflation, so check with your Trustee.
How exemptions work:
To see how exemptions work we must first understand equity. Once the Trustee knows the equity in the property the equity is compared to the exemption to determine if there is a requirement for the bankrupt to pay any additional amounts into the estate.
In British Columbia if your equity in the property exceeds the exemption you may be required to repay to the estate the full amount and may not get the benefit of the exemption. Discuss this with the Trustee as bankruptcy laws can change.
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