No. Most assets are protected from seizure when you are claiming bankruptcy in Alberta pursuant to the provincial legislation. The Bankruptcy & Insolvency Act and the Alberta Civil Enforcement Act exempt certain assets from seizure, including:

  • Necessary clothing and personal effects to a liquidation value of $4000.00
  • Household furnishings and appliances to a liquidation value of $4000.00
  • Tools of Trade or property used by the debtor to earn his or her principal source of income to a value of $10,000.00
  • One car or truck with maximum equity therein of $5000.00
  • $40,000.00 equity in your principal residence or your pro-rata thereof
  • Medical and Dental aids
  • Certain Life Insurance Policies
  • Certain Pensions, RRSP’s and RESP’s

Be sure to ask the Licensed Insolvency Trustee specific questions regarding your assets, particularly if you live in Nunavut or Northwest Territories.