I'm not at the point of filing yet, and hopefully I never will be. I am trying to start a home internet business, obviously I need my computer to do this. If I did decide to file, would my computer and other office equipment (ex. fax machine) be considered tools? Who determines the value of furnishings and appliances. And lastly, I have two cars which are both secured; would I be able to keep both of them and continue making payments?

In Alberta, you are allowed tools of trade of up to a value of $10,000 (each province has its own exemptions). If you use the equipment to earn an income then normally it would be exempt. You determine the value but it is up to the Trustee to ensure this value is correct and sometimes an appraisal is needed.

A secured creditor is not affected by bankruptcy. If you want to keep the vehicles, you must be up to date with the payments and the day of filing and you have to be able to afford the payments each month. Most financial institutions will work with you to keep the vehicles. The only exception is the Royal Bank. They will almost always take the vehicles back.

Shane Brenneis
phone: (403) 298-1575
sbrenneis@collinsbarrow.com