Bankruptcy Prince Edward Island
Bankruptcy Prince Edward Island – Understand your rights and options
The first step to exploring your options is to find a trustee in your province. All of the trustees at Personal Bankruptcy Canada are licensed by the federal government and will provide a consultation that’s free of cost and free of judgment.
Trustees know the law. They understand your rights. Your trustee will review your financial circumstances, provide you with options, and together you will choose a solution.
If you are ready to get help now and start fresh, select a trustee near you by choosing a city below.
If you are struggling financially in Prince Edward Island (PEI) you don’t have to go it alone. Last year, 640 individuals in Prince Edward Island retained the services of a licensed trustee to file for insolvency.
If you are living from cheque to cheque and are having difficulty managing your bills, you do have options. Credit counselling, budgeting, a consumer proposal or even a bankruptcy filing can provide you with the financial fresh start you need.
PEI Bankruptcy Laws
You won’t lose all you own in a PEI bankruptcy, but laws require that a portion of your non-exempt assets are turned over to the trustee for liquidation. Proceeds are then used to pay your creditors. Bankruptcy exemptions vary from province to province, but a trustee in your area can tell you exactly what you will keep and what you will lose.
Generally, when you file for bankruptcy in Prince Edward Island, you can usually keep the following:
- Necessary and ordinary clothing for you and your family
- Household furniture, utensils, equipment, food and fuel up to $2,000 in value
- One motor vehicle valued up to $3000
- If you are not a farmer, personal property valued up to $2000 that you use to earn income from your occupation
- If you are a farmer: livestock, fowl, agricultural machinery and equipment ordinarily used by you in your farm operation, up to $5,000 in value, and sufficient seed to seed all your land under cultivation not exceeding 100 acres
- Your Registered Retirement Savings Plans (RRSPs) or Registered Retirement Income Funds (RRIFs).
These exemptions are valid through March 2014, but changes do 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.
PEI Help & Resources
Prince Edward Island provides many resources for those facing financial trouble.
If you know of any free or affordable PEI services, please send them to us for review at email@example.com.
PEI Social Assistance Program
The Social Assistance Program offers basic income support for children, families, and individuals who are unable to provide for themselves. The program also provides services and supports to enhance client self-reliance through access to training and employment, and through other measures.
PEI Financial Assistance
There are a number of federal and provincial government programs to assist PEI residents when they are unable to work or provide for themselves. This may be due to job loss, illness or injury, raising a newborn or adopting a child, caring for a seriously ill relative, disability, or other life situations.
Schedule a free consultation with a trustee today to explore which debt relief option is best for your situation.