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NWT exemptions

NWT bankruptcy exemptions

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.

Exempt property

  • Household goods up to $5,000
  • All necessary and ordinary clothing of you and your family
  • Food for the next 12 months
  • Hunting tools up to $15,000
  • Your principal residence up to $50,000
  • One motor vehicle up to $6,000
  • Tools of the trade up to $12,000

The above exemptions do not apply:

  • Where you have absconded or are about to abscond from the territories, leaving no spouse or family in the territories
  • To a writ of execution issued on a judgment or order for the payment of support, or a judgment on a domestic contract, as defined in the Family Law Act
 

 

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