The property of a bankrupt exempt from seizure by a Trustee In Bankruptcy is set by each Province and applies to the equity in the asset. For example, if you have a motor vehicle worth $8,000 and there is a $3,000 secured debt against it then the equity in the vehicle is $5,000. In Ontario the exemption limit for a motor vehicle is $5,650. In this example you are entitled to the equity of $5,000 and the the Trustee cannot seize the vehicle. The Executions Act of Ontario lists various personal property that you would be allowed to keep if you were to file bankruptcy in Ontario. The following property is exempt: Personal Effects (clothing, jewelry etc.) not exceeding $5,600 in value. Household Goods not exceeding $11,300 in value. Tools of the Trade used by the debtor in relation to a business or profession carried on by the debtor not exceeding $11,300 in value. The value attributed to an asset is most commonly determined on an appraisal or liquidation bases.