Bankruptcy Exemptions for other provinces and territories can be found here

 

The property exempt from seizure is set by the provinces and territories and applies to the equity in the asset.

Equity is the excess that the value of an asset has over any charges or encumbrances against that asset.

For example, if you have household goods worth $10,000 and there is a $6,000 secured debt against them then the equity in the household goods is $4,000. In Nova Scotia the exemption for household goods is $5,000 so in this example you are entitled to the equity of $4,000 and the unsecured creditors cannot take this.

Nova Scotia Bankruptcy Exemptions:

Necessary wearing apparel, household furnishings and furniture;

Necessary fuel and food;

Necessary grain, seeds, cattle, hogs, fowl, sheep and other livestock;

Necessary medical and health aids;

Farm equipment, fishing nets, tools and implements used in debtor's chief occupation, not exceeding $1,000;

Household goods not exceeding $5,000;

Motor vehicle not exceeding $3,000;

Motor vehicle if required for work or business not exceeding $6,500.