NUNAVUT BANKRUPTCY EXEMPTIONS
Property exempt from seizure in a bankruptcy is set out in the Exemptions Act and applies to the equity in an asset. Exempt assets are the ones you are allowed to keep. Equity is the difference between the value of the asset and what is owed on the asset.
Exempt property
All necessary household goods
All necessary and ordinary clothing
The food, fuel, and other life necessities you and your family need for the next 12 months
Unlimited tools of the trade and hunting tools
Your principal residence up to $35,000
Medical aids
RRSPs associated with your life insurance policies