Bankruptcy Exemptions in NB - What Do I Keep?

Bankruptcy Exemptions for other provinces and territories can be found here

The property exemptions set by New Brunswick apply to the property that a debtor may keep when filing bankruptcy. The value of the exemptions applies to the equity in the property. Equity applies to the value you own in property above any debts or charges you owe against the property.

For example, if you have furnishings worth $10,000 and there is a $6,000 secured debt against them then the equity in the furnishings is $4,000. In New Brunswick the exemption for furnishings is $5,000 so in this example you are entitled to the equity of $4,000 and the unsecured creditors cannot take this.

New Brunswick Bankruptcy Exemptions:

There will be no upper cap on the amount of RRSPs that can be protected;

There will be no need to set up the RRSPs in a locked in plan to make them eligible for exemption;

The court will have no jurisdiction to extend the one year claw back period period in an appropriate case.

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