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Manitoba exemptions
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Page Content Manitoba bankruptcy exemptions
Property exempt from seizure in a bankruptcy is set by the provincial government and applies to the equity in an asset. Equity is the difference between the value of the asset and what is owed on the asset.
Example: If you have a car worth $8,000 and you still owe $5,000 in secured debt on the loan, the equity you have in the car is $3,000. In Saskatchewan, the exemption for a car is $3,000. Therefore, in this case, you would be entitled to keep the equity and the unsecured creditors cannot take this from you.
Exempt property
Furniture and household furnishings and appliances reasonably necessary for one household, but not exceeding in value the aggregate sum of $4,500 Necessary and ordinary clothing for you and your family Food and fuel necessary for you and your family for six months, or the cash equivalent thereof Tools, implements, professional books and other necessaries, not exceeding in value the aggregate sum of $7,500, used by you in the practice of your trade, occupation or profession or to carry on your business One motor vehicle not exceeding in value the sum of $3,000 where used in the course of or for the purposes of your employment, trade, occupation, profession or business, or for transportation to and from your place of employment or business Articles and furniture necessary to the performance of religious services Health aids, including but without limiting the generality of the foregoing of a wheelchair, air-conditioner, elevator, hearing aid, eye glasses, prosthetic or orthopedic equipment, that are reasonably necessary for your health or mobility or that of a member of your family Your actual residence or home not held in joint tenancy or tenancy in common, other than a farmer, where the value thereof does not exceed the sum of $2,500 Your actual residence or home held in joint tenancy or tenancy in common, other than a farmer, where the value of your interest does not exceed the sum of $1,500
Exempt farm property
farm machinery, dairy utensils and farm equipment reasonably necessary for the proper and efficient conduct of your agricultural operations for the next ensuing 12 months All animals reasonably necessary for the proper and efficient conduct of your agricultural operations for the next ensuing 12 months One motor vehicle, if required for the purposes of your agricultural operations The seed sufficient to seed all your land under cultivation The farm land upon which you or your family actually resides or which you cultivate, either wholly or in part, or which you actually use for grazing or other purposes, where the area of the land is not more than 160 acres The house, stables, barns, and fences, on your farm, as subject to above
For more information on bankruptcy exemptions in Manitoba, consult a BDO trustee in the province.
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