Bankruptcy

2010, 3rd quarter, All time record high household debt-to-disposable income ratio reaches 150%. This means for example, if a Canadian household has $40,000 disposable income, it has debts of $60,000. How do you measure up? Does this not alarm you? The Bank of Canada Governor says yes.

Office of the Superintendent of Bankruptcy Canada

Bankruptcy Act

Amendments:

Bill C-55 (38th Parliament - 1st Session, Oct. 4, 2004 - Nov. 29, 2005)

coming into force July 7, 2008, as per SI/2008-0078 (sections 1, 43, 55, 57, 60 to 62, 67, 88 and 107)
and September 18, 2009, SI/2009-0068, (sections 2 to 42, 44 to 54, 56, 58, 59, 63 to 66, 68 to 87, 89 to 105, 108 to 131 and 136 to 139)

Property of the Bankrupt - Provincial Law determines some aspects such as exemptions
Alberta - Civil Enforcement Act (RSA 2000 C-15) and its Civil Enforcement Regulation (AR 116/2010)

Part 10 C-15 - Exempt Property, and Part 2 s.37(116/2010) said:
1. Food: 12 months’ supply for you and dependants.
2. Clothing: up to $4,000.
3. Household furniture and appliances: up to $4,000
4. One motor vehicle; up to $5,000
5. Health aids: no dollar limit.
6. Tools of your trade: up to $10,000. (88h)?
7. Farm property: requirements for 12 months operations.
8. Principal residence: up to $40,000, reduced to your share if you are a co-owner.
9. Farm land: up to 160 acres.
10. Social allowance, handicap benefit or a widow's pension if the proceeds from the payment are not intermingled

with your other funds.