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What can I keep if I go bankrupt in Quebec?
Bankruptcy, governed by the Bankruptcy
& Insolvency Act, is federal law. What
you can keep if you go bankrupt in Quebec (called
exemptions); however, is governed by provincial legislation.
In Quebec, you are permitted to keep these items:
1.
Furnishings of the main residence up to the value of $6,000.
2.
Food, linens, fuel, and clothing necessary for living.
3.
Items used for religious worship.
4.
Equipment or objects used for the debtor’s occupation/business.
5.
Family papers, portraits and medals.
6.
Judicially awarded financial support.
7.
Disability benefits.
There are additional and more complex
exemptions available to Quebec residents.It is crucial
to discuss your property with your Quebec
bankruptcy trustee before filing for bankruptcy
in Quebec.
You should be completely clear on
what you can keep if you go bankrupt in Quebec
and which property you may lose if you go bankrupt
in Quebec.
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