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

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.