
Manitoba: MB Bankruptcy Exemptions. Assets you keep in a Bankruptcy or a Proposal.
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 profession worth $10,000 and there is a $3,000 secured debt against them then the equity in the tools is $7,000. In Manitoba the exemption for tools used in your trade or profession is $7,500 so in this example you are entitled to the equity of $7,000 and the unsecured creditors cannot take this. |
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