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Bankruptcy Exemptions in NB - What Do I Keep?

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The property exemptions set by New Brunswick apply to the property
that a debtor may keep when filing bankruptcy / making a proposal with their creditors.

The exemption limit applies to the equity in the owned asset. Equity applies to the value you own in property above any debts or charges you owe against the property.

To explain this you can consider this example. If you have furnishings worth $10,000 and there is a debt of $6,000 secured on them, the equity in these furnishings would be $4,000. Since the furnishings exemption in New Brunswick is $5,000, which is $1,000 less than the equity of $4,000 in the asset, any individual going bankrupt would be allowed to keep this property.

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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