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Property Bankruptcy Exemptions in NWT, Nunavut & the Yukon
- Household furniture, utensils and equipment that are contained in and form part of the debtor's permanent home.
- Necessary and ordinary clothing of the debtor and the family of the debtor;
- Food, fuel and other necessaries of life required by the debtor and the family of the debtor for the next 12 months;
- Provides an exemption for tools, implements and other chattels necessary to, and actually used by the debtor in his business, profession or calling (not exceeding $600.00).
- House and buildings occupied by the debtor and the lot on which they are situated (not exceeding $3,000.00).
- RRSP's associated with life insurance policies are exempt from seizure or attachment.
- Registered retirement savings plans (RRSP's, RRIF's and DPSP's (Deferred Profit Sharing Plans).
If you have property subject to seizure talk to the trustee about buying the asset back from the estate.
Rather than have the trustee seize and sell the asset, make an offer to pay for the item instead of losing it. Often a payment plan can be set such that you get to keep your property and the creditors get a fair amount in return.