Population: 0.8M
Debt Relief in New Brunswick
If you're struggling with debt in New Brunswick, you have legal options. Consumer proposals and bankruptcy are governed by federal law, but each province has different exemption amounts, garnishment limits, and limitation periods that affect your debt relief journey.
Consumer Proposals in New Brunswick
New Brunswick residents access consumer proposals through federally licensed LITs. As Canada's only officially bilingual province, services are available in both English and French.
Bankruptcy in New Brunswick
New Brunswick exemptions include: household furniture up to $5,000, one vehicle up to $6,500, tools of trade up to $6,500. The New Brunswick Exemptions Act provides these protections.
Wage Garnishment in New Brunswick
In New Brunswick, creditors can garnish up to 15% of net wages for most debts. The CRA can garnish without a court order. Consumer proposals and bankruptcy provide immediate relief from garnishment.
Limitation Periods in New Brunswick
New Brunswick's Limitation of Actions Act provides a 2-year basic limitation period for most debts, with an ultimate 15-year limitation period.
Key Takeaways for New Brunswick Residents
- Consumer proposals and bankruptcy are available across New Brunswick through federally Licensed Insolvency Trustees.
- Filing either option immediately stops wage garnishment, collection calls, and creditor harassment.
- New Brunswick has specific bankruptcy exemption amounts that determine what assets you can keep.
- The CRA can garnish wages without a court order, but a consumer proposal or bankruptcy stops CRA garnishment.
- Consultations with Licensed Insolvency Trustees are free and confidential.
New Brunswick Debt Relief FAQ
How do I file a consumer proposal in New Brunswick?
In New Brunswick, consumer proposals are filed through a Licensed Insolvency Trustee (LIT) licensed by the federal government. The LIT will assess your financial situation, prepare the proposal, and submit it to your creditors. The process is the same across Canada but exemption amounts and surplus income thresholds may vary by province. Contact a LIT for a free consultation.
What assets can I keep if I file bankruptcy in New Brunswick?
New Brunswick exemptions include: household furniture up to $5,000, one vehicle up to $6,500, tools of trade up to $6,500. The New Brunswick Exemptions Act provides these protections.
Can creditors garnish my wages in New Brunswick?
In New Brunswick, creditors can garnish up to 15% of net wages for most debts. The CRA can garnish without a court order. Consumer proposals and bankruptcy provide immediate relief from garnishment.
What is the limitation period for debt in New Brunswick?
New Brunswick's Limitation of Actions Act provides a 2-year basic limitation period for most debts, with an ultimate 15-year limitation period.