Bankruptcy, governed by the Bankruptcy
& Insolvency Act, is federal law. What you
can keep if you go bankrupt in Saskatchewan (called exemptions);
however, is governed by provincial legislation.
In Saskatchewan, you are permitted to keep these items:
1.
Necessary clothing for the debtor and their family.
2.
One vehicle that is necessary for the debtor’s business/profession.
3.
Furniture, appliances and home furnishings valued at $4,500.
4.
Grain, flour, vegetables, and meat, which when converted into cash will provide food and fuel for heating the debtor and his family until the following harvest.
5.
Books of a professional individual.
6.
A home as long as it is no bigger than 160 acres.
7.
Tools and necessary equipment for the debtor’s profession that does not exceed the value of $4,500.
8.
The house and buildings lived in by the debtor, and the lots on which they are situated according to the registered plan, to the value of $32,000.
9
A trailer or portable shack used as living quarters for the debtor.
It is crucial to discuss your property
with your Saskatchewan bankruptcy trustee
before filing for bankruptcy in Saskatchewan. You should be completely
clear on what you can keep if you go bankrupt in Saskatchewan
and which property you may lose if you go bankrupt in Saskatchewan.
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