Bankruptcy, governed by the Bankruptcy
& Insolvency Act, is federal law. What you
can keep if you go bankrupt in Nova Scotia (called exemptions);
however, is governed by provincial legislation.
In Nova Scotia, you are permitted to keep these items:
1.
Clothing and household furnishings necessary for debtor and his or her family.
2.
Needed food and fuel needed for the debtor and his or her family.
3.
Grain, seeds, livestock, cattle etc used for domestic use by debtor and his or her family.
4.
Medical and health aids necessary for debtor and his or her family.
5.
Farm equipment, fishing nets and other tools used for the debtor’s occupation, not exceeding value of $1,000.
6.
One motor vehicle not exceeding value of $3,000.
It is crucial to discuss your property
with your Nova Scotia bankruptcy trustee
before filing for bankruptcy in Nova Scotia. You should be completely
clear on what you can keep if you go bankrupt in Nova Scotia
and which property you may lose if you go bankrupt in Nova Scotia.
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