Property exempt from seizure in a bankruptcy is set out in the Exemptions Act and applies to the equity in an asset. Equity is the difference between the value of the asset and what is owed on the asset.
Example: If you have household furniture and equipment in your home worth $5,000 and you do not owe on these items, the equity you have in these items is $5,000. In the Northwest Territories, the exemption for the total of these items is $5,000. Therefore, in this case, you would be entitled to keep these possessions and the unsecured creditors cannot take them from you.
The above exemptions do not apply:
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