Assets for a bankrupt's own use
Under the Act, bankrupts are allowed to keep a number of assets for their own use. These include sufficient household furniture (listed in r. 6.03), property used for earning income by personal exertion (s. 116) such as tools of trade, books and instrument to a total value of $3050 (indexed) (r. 6.04) and a car to the value of $6 000 (indexed) (s. 116). These provisions are designed to allow the bankrupt to continue to live reasonably and to continue to earn money for the trustee to distribute to creditor.