New Brunswick bankruptcy exemptions
Property exempt from seizure in a bankruptcy is set by the New Brunswick 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 $6,000 and you still owe $3,000 in secured debt on the loan, the equity you have in the car is $3,000. In New Brunswick, the exemption for a car is $3,000. Therefore, in this case, you would be entitled to keep the car and the unsecured creditors cannot take this from you.
Exempt property
Furniture, household furnishings and appliances reasonably necessary for you and your family
Necessary and ordinary wearing apparel of you and your family
All necessary food and fuel for the you and your family for three months
Two horses and sets of harness, two cows, ten sheep, two hogs and 20 fowl, and food for them for six months
Any tools, implements and necessities used by you in the practice of your trade, profession or occupation having a cumulative market value of not more than $6,500
One motor vehicle having a market value of not more than $3,000, if required by you in the course of or to retain employment, or in the course of and necessary to your trade, profession or occupation
Seed grain and potatoes required for seeding and planting purposes to the following quantities: 40 bushels of oats, ten bushels of barley, ten bushels of buckwheat, ten bushels of wheat and 35 barrels of potatoes
Dogs, cats, and other domestic animals belonging to you
Medical or health aids reasonably necessary to enable you or any member of your family to work or to sustain health
Certain government annuities
For more information on bankruptcy exemptions in New Brunswick, consult a BDO trustee in the province.