Selling asset

January 28th, 2009 by Questions

I have a boat with a fair market value of 10,000.00. I also have an offer to purchase the boat for this much. If I sell the boat, then declare bankruptcy, is this ok?

Posted from: Ontario


One Response to “Selling asset”

, A licensed trustee said:

There are ways that the boat can be sold which will reduce the risk of you getting into trouble, but frankly, you’d be better off to contact a local trustee and have them assist you with the sale as part of the bankruptcy.

If you don’t handle the sale properly you might be forced to appear in Court to explain your conduct – something most people try to avoid.

Use the links to find a trustee in your area and they can explain the process to you in detail. Ater that, if you decide to sell the boat before you file for bankruptcy at least you’ll have a better chance of staying out of trouble.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)