Hi, I'm thinking of filing for bankruptcy since all efforts to negotiate for a repayment scheme has failed. The bank has issued a Writ of Seziure and Sale. My husband has paid for almost everything that we have in our house with receipts to prove that the he had bought the items. Will the items still be seized? What items are excluded? Can I still file for bankruptcy while waiting for the actual seizure to take place?

Your help in answering these questions is very much appreciated. Thanks.

A bailiff can only seize items belonging to the person who owes the debt. If your husband can prove that only he owns the assets and they are not joint property, you may have an argument against seizure. In Alberta you are allowed to claim an exemption of $4,000 for household goods and $5,000 for a vehicle. If the assets were pledged as security for a loan, however, the exemption does not apply. Bankruptcy stops all actions except seizure by a secured creditor.

Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca