Declaring personal bankruptcy in NWT, Nunavut & Yukon will not mean losing all your assets. Many personal assets are “exempt” during a bankruptcy. Exempt assets are the ones you are allowed to keep. The property laws in NWT, Nunavut & Yukon will determine what assets are exempt.
NWT, Nunavut & Yukon bankruptcy exemptions are:
- The household furniture, utensils, and equipment that are part of your permanent home
- Your and your family’s necessary and ordinary clothing
- The food, fuel, and other life necessities you and your family need for the next 12 months
- Tools of the trade up to a value of $600
- The house, building, and lot where you live, up to a value of $3,000
- RRSPs associated with your life insurance policies
For more information please contact your local trustee.