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

"*" indicates required fields

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

This field is hidden when viewing the form

Source

How can we help you?

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Phone

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

personal assets

When you declare bankruptcy, does the trustee come to your house to see what your personal property is worth? For example, if I have a bedroom set, it may be worth $1000 to me and the trustee might look at it and think it`s worth $500. Who and how is the evaluation done of what you own for your personal exept items? What about if you have a roomate but you are not common law, does their income effect your suplus income?

Posted from: New Brunswick

Share this post:

X (Twitter) Facebook LinkedIn Email

One Response to “personal assets”

A licensed trustee said...

When you declare bankruptcy you are required to disclose what you own and what you think those things may be worth. If your trustee or a creditor disagrees with your values then they have the right to have the things that you own appraised.

In the over 13,000 bankruptcies that our firm has handled we have only once ever appraised some ones furniture and that was becuase they told us they collected antiques. Unless you have some unusual (and by that I mean very valuable) furnishings you shouldn’t be worried about your trustee wanting to go through your possessions.