What to keep in mind
- The federal Act sets the insolvency framework.
- Asset protection requires jurisdiction-specific verification.
- Read current legislation and regulations together.
Begin with the federal question
For bankruptcy procedure, discharge and the legal treatment of claims, begin with the Bankruptcy and Insolvency Act. Its definitions in section 2 help explain the vocabulary used throughout the national system.
Write the question narrowly. “What happens to property?” is broad. “Which law governs the protection of this vehicle, owned by this person in this location?” gives a professional something concrete to investigate. Separate an explanation of the national process from an opinion about local rights. A federal website can describe the first without resolving the second.
Locate the property rule rather than borrowing a number
Federal section 67 connects certain property exclusions to applicable provincial exemption law. It also contains federal exclusions. The source of protection therefore matters as much as its amount.
For an example of the kind of legislation to locate, British Columbia publishes the Court Order Enforcement Act, including exemption provisions. This is a navigation example, not a claim that British Columbia law applies to readers elsewhere. This site does not supply verified exemption limits for every province and territory. Obtain the current rule for your jurisdiction and have its application checked.
Make a source worksheet
Use one line for each asset and these fields: owner, location, estimated sale value, secured balance, law identified, regulation identified and question still open. Add the date on which you checked the source. If you have moved recently or property is elsewhere, bring both facts to the assessment.
When reading an official law page, check its currency date, whether it is a historical version and whether the amount is prescribed in a separate regulation. A search snippet may show an earlier version. Do not convert a snippet into a decision about selling, transferring or retaining property.
Other local questions need their own route
Collection conduct, court procedures and credit reporting can involve provincial or territorial rules. For example, FCAC directs complaints about credit bureaus to the relevant provincial or territorial consumer affairs office.
Keep the issue separate from the bankruptcy outcome: a complaint about a collector is not an insolvency filing, and a credit-report correction is not a discharge. Use our provincial exemptions guide to prepare an asset question and our stay guide to understand why a filing may affect collection. Seek local legal advice for a document or deadline you cannot interpret.
Follow the evidence
Sources & further reading
Continue with the reference that answers your next question.
Guides/Provincial Bankruptcy Exemptions