You did not specify whether you are talking about DnD or any system in general.
For DnD 3.x, I would think it a hard choice, but would probably choose death. It does depend on level, though.
For d20 Modern, I would rather lose the equipment. Lacking kits gives me -4 to a skill check, which is not bad at all IMO. Combat Martial Arts makes a nice backup. Not so great for gunslingers but still not horribly bad. Alternity is almost the same, although martial arts is a lot more expensive in Alternity than in Modern.
Sorry about the lack of apostrophes. My computer has a REALLY weird error.