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Bankruptcy Exemptions in Newfoundland and Labrador

  • Food required by debtor and dependants during the next 12 months;
  • Registered Retirement Savings Plans (RRSP) and Registered Pension Plans (RPP);
  • Medical and dental aids required by debtor and dependants;
  • Domesticated animals which are kept as pets and not used for business purpose;
  • Fuel or heating as a necessity for the debtor and his or her dependants;
  • Clothing of the debtor and his or her dependants, of a value totaling $4,000;
  • Appliances and household furnishings (which are defined as washing machine, clothes dryer, “reasonably necessary” bedroom suites and bedding, oven and stove top burners, “necessary” dishes and kitchen utensils, and “necessary” strollers, cribs and highchairs), of a value totaling $4,000;
  • Motor vehicle of the debtor, value totaling $2,000;
  • Items of a sentimental value to the debtor, a value totaling $500;
  • The debtor’s equity in his or her principal residence, $10,000;
  • Personal property used by and necessary for debtor to earn income from occupation, trade, business or calling, $10,000.

Personal Bankruptcy or a Consumer Proposal will put an end to:

  • Creditors Calls and Collection Notices;
  • Revenue Canada tax collections;
  • Wage attachments;
  • Asset seizures.