Bankruptcy Exemptions & Consumer Proposals in Saskatchewan

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Bankruptcy exemptions in Saskatchewan

If you are struggling to manage your debt, require debt relief and all other options have been exhausted, then it might be time to consider filing for bankruptcy.

Residents in Saskatchewan are eligible to file for bankruptcy if they are at least $1,000 in debt and cannot pay back what they owe.

If you are considering bankruptcy, then you should consult a local licensed trustee who can help guide you through the process and bring you back onto the road to financial recovery. Most property declared exempt will vary as provincial bankruptcy exemptions will apply.

If you do file, you can take comfort in the knowledge that some items will be protected from seizure during the bankruptcy process.

Harris & Partners is a specialist Bankruptcy Trustee with offices based across Canada, providing debt relief solutions to individuals and businesses struggling to manage their debt.

Contact us today for a free consultation with one of our licensed insolvency trustees and we’ll find a debt relief solution that will get your finances back on track.

How does a consumer proposal work in Saskatchewan?

Filing a consumer debt proposal in Saskatchewan allows individuals to work closely with a Bankruptcy Trustee in order to negotiate a reduced and more manageable debt repayment plan with creditors.

On your behalf, your trustee will file the proposal and liaise with creditors to make your debt more manageable. All you have to do is make a single monthly payment and this will put an end to the dreaded calls and threats.

If you’re a resident in Saskatchewan and you find yourself owing a debt of $250,000 or less, then a consumer proposal could be the option for you.

If you are based in Saskatchewan and want to find out more about the process of filing a consumer proposal, get in touch with us today.

Saskatchewan bankruptcy exemptions

  • Clothing and jewelery valued up to $7,500.
  • One motor vehicle valued up to $10,000.
  • Work equipment/tools of your trade.
  • All household furniture and appliances.
  • Up to $50,000 of your home’s equity.
  • Medical and dental aids.
  • Most retirement savings plans (RRSPs).
  • Some life insurance policies.
  • Pets (up to $2,000 in value).
  • Farmers: Up to $20,000 tools of the trade, two bushels of seed per acre of land, livestock and equipment to sustain 12 months’ worth of business, and enough cash or crops to sustain you until the next harvest.

Consult a Licensed Insolvency Trustee

Legally, only a Licensed Insolvency Trustee is authorized to administer proceedings for a bankruptcy or consumer proposal. If other debt relief agencies try to offer you consumer proposals or bankruptcy options, you should never pay anyone who isn’t a licensed trustee.

Other companies are not legally authorised to do this for you and so you should make sure you consult a trustee when it comes to managing your debt.

Frequently asked questions

What happens when I file for bankruptcy?

Bankruptcy should always be considered a final resort for people struggling to overcome financial hardship. However, contrary to belief, you will not lose all of your belongings. 


When you file for bankruptcy, your licensed trustee will take over the responsibility of managing your assets and will use the proceeds from selling certain assets over to creditors to start paying off what you owe.


Depending on your unique circumstances and where you live, there will be certain exemptions that cannot be seized by creditors, such as household furnishings valued up to a certain amount.

Why file a consumer proposal?

A consumer proposal can be a better option than bankruptcy for a number of reasons. You do not have to surrender any assets in a consumer proposal and instead, you can pay a reduced fixed monthly payment for up to five years. Then, as long as you make the payments, you will be debt-free on the date the consumer proposal ends.


A consumer proposal can also reduce debt by up to 80%.

What will happen to my wages?

Your wages and income will be safe from creditors when you file for bankruptcy if it is below a certain threshold. Income over a certain amount will require you to make surplus payments to your trustee who will then distribute that to creditors in the same way as assets.


Surplus income will be calculated after tax.

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