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Debt Relief & Consumer Proposals in Alberta

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Bankruptcy exemptions in Alberta

Alberta has the highest rate of consumer debt in Canada, so if you find yourself struggling to pay your debts, then you need to speak to the experts at Harris & Partners.

Harris & Partners are a specialist Licensed Insolvency Trustee with offices based across Canada, and we can help provide different debt relief solutions to individuals and businesses struggling to manage their debt.

If you’re enduring a difficult financial situation and are considering going through the bankruptcy or consumer proposal process, contact us today for a free consultation with one of our licensed insolvency trustees and we’ll help you to find debt solutions in Alberta and build a stronger financial future.

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How does a consumer proposal work in Alberta?

A consumer proposal is a legally binding process where an agreement is made with creditors to negotiate a more manageable form of debt repayment for you.

Your repayment amount will be based on your own unique circumstances and your payments will be spread over a period of five years. This helps to reduce the amount that you owe without the need to surrender your assets to pay your debts.

If you’re based in Alberta and want to file a consumer proposal then you need to work with an insolvency trustee as they legally act on your behalf to set up the agreement and then execute the monthly payments. To book a free appointment with a Harris & Partners trustee, click the link below and let’s get you started on the road to financial stability once more.

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Alberta bankruptcy exemptions

In Alberta, some of your assets may be exempt from seizure during bankruptcy proceedings depending on how much equity is in them. Exemptions include:

  • Enough food to last for a period of 12 months.
  • Clothing valued at up to $4,000.
  • Household furnishings and appliances valued at up to $4,000.
  • One motor vehicle valued up to $5,000.
  • Personal property that is used to earn income valued at up to $10,000.
  • All medical and dental aids.
  • Your principal residence if it is less than $40,000. For co-homeowners, this amount can be reduced depending on how much you own of the home.
  • RRSPs, RESPs and pensions.
  • Some life insurance policies.
  • Farmers: Up to 160 acres of land, plus any equipment needed for the next 12 months.

Our Debt Management Solutions

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Support across Canada

Why Harris & Partners

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Remove up to 80% of your debt

Our Licensed Insolvency Trustees provide a customized service that could remove up to 80% of your debt and stress, so you can breathe easier.

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We speak your language

Our multilingual team provides support in many languages, from Farsi and Portuguese to Italian and Tamil, leaving out complicated jargon, so you understand everything, every step of the way.

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Debt support across nine provinces

Want to speak to someone in person? Our team is on hand to help at a Harris & Partners office near you.

How can I find out more?

If you want to find out more about bankruptcy exemptions and consumer proposals in Alberta, please contact your local Licensed Insolvency Trustee for further information.

Frequently asked questions

When can I file for bankruptcy in Alberta?

You are able to file for bankruptcy in Alberta if you have unsecured debts of at least $1,000 but typically, you should not consider bankruptcy unless your debts are significantly higher than this figure.

Can I keep my home?

You are entitled to keep your home during bankruptcy if the equity isn’t valued at more than $40,000. If you are a co-owner of your home, the exemption amount will be smaller. In the case of owning half of your home, the exemption amount will instead be $20,000.

Can I keep my car?

You are able to keep a vehicle valued up to $5,000 and this also applies to car loans that you are paying off. For instance, you may be able to keep a car worth $10,000 if you have paid $5,000 off it.

How will my pension plans and savings be affected?

There are certain types of savings and life insurance plans that are exempt from bankruptcy in Alberta, such as:

  • RRSPs (Registered Retirement Savings Plans),
  • RRIFs (Registered Retirement Income Funds),
  • DPSPs (Deferred Profit Sharing Plans)
  • Registered Disability Savings Plans (RDSPs)

However, contributions made within the past year can be seized by creditors but any other contributions/transfers are safe.

RESPs (Registered Education Savings Plans) are exempt in Alberta but the money must only be used to fund post-secondary education for a beneficiary.

Contact information

It's never too late to obtain debt help. Book your free consultation today

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888-376-8488
Email
hello@harrispartners.ca
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Shahrad Nakhaie
Shahrad Nakhaie
2022-12-23
They are so great, every thing was so easy for me. Unbelievable, All my debt are gone now and I feel like I'm free, thanks Osman Ali for all you did for me, at the first time it's even hard to believe that was real, but it's real and easy. Thank you bro for your help.
Cody
Cody
2022-12-06
Osman is a professional and you cant find anybody better. He really cared about my situation and paid attention to every little detail so he can help me best. Thank you osman and the rest of the team for helping me through my struggles.
Banda Gueye
Banda Gueye
2022-10-29
Osman is a vert nice gentlemen, he was polite sweet and gentle. He really cared about my situation and paid attention to every little detail so he can help me best. Thank you Osman and the rest of the team for helping me through my struggles.
Kim Brown
Kim Brown
2022-08-29
So far this has been a great company, I have been with them over a year. Every time I have an issue Josh jumps right on it and helps me out. He never makes me feel like I'm being a pain in the butt 🙂 I definitely recommend them, I have referred two of my family members to get help and now Josh is helping them as well. I thank you Josh for all the hard work and responding so quickly to all my messages.⭐️⭐️⭐️⭐️⭐️
Ajanthan Murugananthan
Ajanthan Murugananthan
2022-04-28
Staff members Samuel and Josh were both amazing. Both very friendly, professional, and efficient. They took care of my credit card issues and line of credit and made it manageable. I would highly recommend Harris & Partners Inc. They have given me a new life in my financial life to success.
Paul Woo
Paul Woo
2022-03-01
Staff members Yasan and Josh were both amazing. Both very friendly, professional, and efficient. They took care of my credit card issues and made it manageable. I would highly recommend Harris & Partners Inc.

Debt Relief in Alberta & Across Canada: Local Expertise, National Reach