Loretta, you can file bankruptcy if you are unable to meet your debts as they come due. With respect to what you can keep, the Alberta Civil Enforcement Act allows you certain assets:

Household furnishings - $4,000 (Garage or auction sale price)
Clothing - $4,000 (Garage etc)
Vehicle - equity of $5,000 ( market value)
Personal residence - equity of $40,000 (market value)
Tools of trade - $10,000 ( market value)

There are other exemptions as well, but these are the main ones.

If you have any further questions or want to come in for a free assessment, please call or email me using the information below.

Shane Brenneis

(403) 298-1575
sbrenneis@collinsbarrow.com