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Liquidation of assets prior to bankruptcy

I read somewhere that one of the questions asked are if you sold any assets in the last year. If I sold and rrsp over a year ago or sold a house and had equity over a year ago but have no money now will I go to jail.

Posted from: Ontario

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One Response to “Liquidation of assets prior to bankruptcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Firstly there is very little liklihood of you going to jail. However, this sale of assets prior to bankruptcy could impact your bankruptcy, but it is hard to tell without looking at things in more detail. To determine if you are going to have problems you need to meet with a local trustee who will have to examine what was sold, how much was received, whether or not this was fair market value or not, when it was done, who it was to and what the proceeds from the sale were used for.