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tenant insurance

I am going to declare bankrutcy soon. I rent a house which I have been in for the past ten years.I have never made enough money to get a mortgage of my own. Although I pay more in rent than I would be paying if I had a mortgage.I do not make a great deal of money and have only my furniture and belongings . I understand there are exemptions for furniture and personal belongings that differ in each province .My property is not worth as much as I can exempt. I believe that I can likely keep all of belongings .The difficulty I have is over the value I have my things insured for with tenant insurance . I have 10,000 in insurance if the house burned or what have you. Since I have this insurance will a trustee make me relinquish half of my things ? Would the trustee use the 10,000 as a valuation of my property? It really isn’t worth that amount .Thanks

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One Response to “tenant insurance”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

No, the trustee will look at liquidation value. This is the amount that would be listed on the statement of affairs and at no time will replacement value ever be considered.