Essentially you would lose (or assign) property with value to the trustee. However, most people who find themselves in a bankruptcy situation, typically have very little to lose or to assign. What you are entitled to keep in Ontario is considered to be exempt property and includes:

1. Necessary and ordinary wearing apparel of the debtor and his or her family not exceeding $5,650 in value.
2. The household furniture, utensils, equipment, food and fuel that are contained in and form part of the permanent home of the debtor not exceeding $11,300 in value.
3. Tools and instruments and other chattels ordinarily used by the debtor in the debtor's business, profession not exceeding $11,300 in value.
4. A motor vehicle not exceeding $5,650 in value.
5. Registered pensions and RRSPs, except those contributions made to an RRSP in the past 12 months.