Briitish Columbia, BC Bankruptcy Exemptions(Assets you keep in a Bankruptcy) Bankruptcy Exemptions for other provinces and territories can be found here. Equity is the excess that the value of an asset has over any charges or encumbrances against that asset. For example, if you have a car worth $10,000 and there is a $6,000 secured debt against it then the equity in the car is $4,000. In BC the exemption for a car is $5,000 so in this example you are entitled to the equity of $4,000 and the unsecured creditors cannot take this. . BC Bankruptcy Exemptions are:
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