
Bankruptcy Exemptions in Alberta
In Alberta, the regulations of the Civil Enforcement Act set out what property is exempt from seizure in bankruptcy, including the following:
- A 12-month supply of food for you and your family
- Necessary clothing for you and your family up to $4,000
- Household furnishings and appliances up to $4,000
- One motor vehicle up to $5,000
- Equity in your principal residence up to $40,000 (reduced to your percentage of ownership if you are a co-owner of the residence, which can include a mobile home)
- Personal property required to earn a living (books, tools of your trade, equipment) up to $10,000
- If you are a farmer, up to 160 acres of farmland are exempt if your principal residence is located on that farmland
- If you are a farmer, any personal property and necessary equipment for your farming operations over the next 12 months are exempt
- Certain pensions and life insurance policies
- All medical devices and dental aids