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Contact a St. John's Bankruptcy Trustee by clicking on this link;

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Our Newfoundland Bankruptcy Trustees specializing in debt solutions for your personal financial problems. Our services are provided throughout Newfoundland and Labrador from offices in St. John's, Newfoundland. Our website's purpose is to provide information that will help people in St. John's and all other areas of Newfoundland and Labrador get a fresh financial start, and to provide resources to assist in building a secure financial future!

Our Newfoundland bankruptcy trustees are available to assist you in identifying your options and forming a plan to get you a fresh financial start. In many cases there are options other than bankruptcy, including:

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third party settlements with creditors, and

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Important Information for your protection from our Newfoundland bankruptcy trustees: Although you need a bankruptcy trustee to go bankrupt, bankruptcy is not the only thing bankruptcy trustees can help you with. Our Newfoundland bankruptcy trustees are highly trained professionals who will give you the best advice they can even if it means you do not use our services. Our Newfoundland bankruptcy trustees are licensed and regulated by the Federal Government and subject to stringent codes of ethics. Bankruptcy trustees are the only debt professionals who can provide a full range of financial solutions. Furthermore, bankruptcy trustees are the only debt professionals who can guarantee that you will get protection from your creditors.

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You'll find our Newfoundland bankruptcy trustees knowledgeable, helpful and friendly.  We'll start by scheduling a meeting with you to discuss the solutions best suited to your situation. This meeting is free, and it's confidential.

We'll help you make the right decision so you can regain control of your life.

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The property exempt from seizure applies to the equity in the asset.

Equity is the excess that the value of an asset has over any charges or encumbrances against that asset.

For example, if you have tools used in your trade or business worth $12,000 and there is a $3,000 secured debt against them then the equity in the tools is $9,000. In Newfoundland the exemption for tools used in your trade or business is $10,000 so in this example you are entitled to the equity of $9,000 and the unsecured creditors cannot take this.

Newfoundland and Labrador Bankruptcy Exemptions:  

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Food required by debtor and dependants during the next 12 months;

Medical and dental aids required by debtor and dependants;

Domesticated animals which are kept as pets and not used for business purpose;

Fuel or heating as a necessity for the debtor and his or her dependants;

Clothing of the debtor and his or her dependants, of a value totalling $4,000;

appliances and household furnishings (which are defined as washing machine, clothes dryer, "reasonably necessary" bedroom suites and bedding, oven and stove top burners,  "necessary" dishes and kitchen utensils, and "necessary" strollers, cribs and highchairs), of a value totalling $4,000;

Motor vehicle of the debtor, value totalling $2,000;

Items of a sentimental value to the debtor, a value totalling $500;

The debtor's equity in his or her principal residence, $10,000;

Personal property used by and necessary for debtor to earn income from occupation, trade, business or calling, $10,000.

RRSPs, Registered Retirement Income Funds (RRIFs) and Deferred Profit Sharing Plans (DPSPs).

 

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Please note that this is general Newfoundland bankruptcy information and other financial solutions and does not replace the specific details that need to be discussed in a meeting with one of our NL bankruptcy trustees. Some other issues may include being judgement proof, co-signers, the effect on your spouse, separation between spouses, surplus income guidelines, stay of proceedings and how it works in your situation, and income tax consequences.

Most of the people who file a Newfoundland bankruptcy or a Newfoundland proposal are good, honest, hard-working people who file as a last resort after months or years struggling to pay the bills left over from some catastrophic event or set of circumstances. It can be because of a divorce, the loss of a job, a failed business venture, a serious illness, or some family emergency, or because the person honestly and mistakenly fell into debt at a young age before they knew better, and before they knew anything about budgeting or how to manage money.

Newfoundland's bankruptcy laws are designed to permit an honest but unfortunate debtor to obtain a discharge from his or her debts while treating creditors equally and fairly.

Last year, just under 100,000 individuals in Canada filed for personal bankruptcy or filed a bankruptcy proposal.

When you are ready for a FREE, confidential consultation please call us.

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