Bankruptcy New Brunswick
Bankruptcy New Brunswick – Know your Right and Options
If your debt seems unmanageable, you are not alone. In 2013, 4,037 individuals in New Brunswick found it necessary to file for bankruptcy or a consumer proposal.
Seeking out debt relief now may provide you with the fresh start you need. A trustee will help you every step of the way. If you are ready to get help and begin a fresh start, find a trustee near you from the list below.
Trustees in Bankruptcy, New Brunswick
You have choices, and the first step to explore your choices is to find a trustee near you. All Personal Bankruptcy Trustee Members are licensed by the federal government and offer a free, non-judgmental consultation.
Trustees know the law, understand your rights and will review your finances with you. They will explain the legal options that are available to you and which will be best for your situation.
New Brunswick Bankruptcy Laws.
Canada law requires that bankruptcy are filed by approved trustees. You need to work with a trustee in your area because bankruptcy laws vary from province to province.
You won’t lose all you own in a New Brunswick bankruptcy, but you may have to turn over some of your belongings to the bankruptcy estate in exchange for the elimination of your unsecured debt. To learn which assets you keep and which you will give up, contact a New Brunswick Bankruptcy Trustee by completing the Get Help With My Debt form in the sidebar of this page.
When you file for bankruptcy in Newfoundland, you can usually keep the following assets:
- Necessary clothing for you and your dependents
- Furniture, household furnishings and appliances reasonably necessary for you and your dependents
- Necessary food and fuel for you and your dependents for three months
- One motor vehicle valued up to $3000, if required by you to retain employment or necessary to your trade, profession or occupation
- Tools, implements and necessities used by you in the practice of your trade, profession or occupation having a cumulative market value of not more than $6500
- Two horses and sets of harness, two cows, ten sheep, two hogs and twenty fowl, and food therefor for six months
- Your dogs, cats, and other domestic animals
- Medical or health aids reasonably necessary to enable you and your dependents to work or to sustain health
Special Exemptions for Farmers include:
Seed grain and potatoes required for seeding and planting purposes to the following quantities:
forty bushels of oats, ten bushels of barley, ten bushels of buckwheat, ten bushels of wheat and thirty-five barrels of potatoes.
These exemptions are valid as of March 2014, but changes may occur. Please visit a Trustee to learn how bankruptcy will affect your situation, and if any amendments have been made to the federal or provincial bankruptcy legislation.
New Brunswick Help & Resources
New Brunswick provides many resources for those facing financial trouble.
If you know of any free or affordable New Brunswick services, please send them to us for review at email@example.com.
New Brunswick Awareness
Offers resources for addiction help in New Brunswick.
New Brunswick Food Banks
Offers a phone number to locate a Food Bank near you.
New Brunswick United Way
United Way/Centraide touches the lives of 1 in 4 people in Fredericton, Oromocto and the surrounding areas. Think of your family members, friends, neighbours and your co-workers. Chances are that United Way has already helped someone you know. Your donation to United Way reaches a wide variety of health and human care agencies that provide essential services to children, youth, families, seniors and the disabled.
Schedule a free consultation with a trustee today to explore which debt relief option is best for your situation.