FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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How can we help you?

If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Asset Valuation

How do you value you possessions? Do you provide the trustee with a list of your possessions and they attach a value to it? Is it based on the purchase price of the asset? How is this done?

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One Response to “Asset Valuation”

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

The valuation is done on a liquidation basis (i.e. what you would receive for it at an auction or garage sale). Our practice is to allow the individual to provide us with a list of assets and their estimated values and upon our examination if we perceive that the values are inaccurate we will require an appraisal to be done. While this is our practice and one that I believe is widely followed, each office has their own internal valuation systems so I recommend that you contact a trustee in your area to see if there are any local differences.