Yukon bankruptcy exemptions
Property exempt from seizure in a bankruptcy is set by the provincial government 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 $150 and you do not owe on these items, the equity you have in them is $150. In the Yukon, the exemption for the total of these items is $150. Therefore, in this case, you would be entitled to keep these possessions and the unsecured creditors cannot take them from you.
Exempt property
Household furniture, utensils, and equipment that are contained in and form part of your permanent home not exceeding $200 in value
Necessary and ordinary wearing apparel of you and your family
Food, fuel, and other necessities of life required by you and your family for the next ensuing 12 months
Livestock, fowl, bees, books, tools, and implements and other chattels necessary to and actually in use by you or your business, profession, or calling to the extent of $600
The house and buildings occupied by you and the lot on which they are situated to the extent of $3,000
For more information on bankruptcy exemptions in the Yukon, consult a BDO trustee in the territory.