History

October 7th, 2009 by Questions

How far back does a trustee or the courts look into your financial background (ex. 1 year). How involved is the process? I am about to file for bankruptcy but sold a piece of realestate 1 1/2 years ago, got a lot of money from the sale, but that money was sent back to relatives in another country who originally invested the money in the form of a down payment. The property was in my name but it was really an investment for relatives and the money was returned to them. does this influence my Bankruptcy?

Posted from: British Columbia

Questions

One Response to “History”



October 08, 2009 at 8:35 am, A licensed trustee said:

When real estate is involved, trustee’s may go back up to 5 years – as a matter of course your trustee will ask you to disclose any real estate deals in the last 5 deals so they can determine if they require any information.

In this particular case, you’ll need to be able to prove the money came from overseas in the first place – otherwise it is quite possible you’ll have to pay an amount equal to whatever you sent back home to your trustee as part of bankruptcy.

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