The exempt or protected property is covered under the Execution Act (Ontario). The list of exempt property (that you keep) includes: 1. Household furniture under $14,180 2. Automobile where the value or equity is less than $7,117 3. RRSPs/RDSPs (except for amounts contributed in the prior 12 months) 4. Term life policies (these have no value while living) 5. Cash surrender value of whole life policies if there is a 'preferred' beneficiary 6. Tools of trade (for sole proprietors) if value is less than $14,405 7. House if equity is less than $10,783 8. Lawsuits if you're suing another party for pain and suffering (general damages) 9. Pensions But no need to worry, we can arrange for you to keep non-exempt property in a bankruptcy.