January 10th, 2011 by Questions
if the trustee seize your properties are the item sold in the communiuty, would neighbours know if you have declared bankrupt. is there any privacy or not
Posted from: Ontario
January 11, 2011 at 7:36 am, A licensed trustee said:
It literally depnds what kind of things you own – in most cases trustees don’t actually seize anything because in most cases if you have anything that can be sold you’ve done so to pay your bills before you think of speaking to a trustee.
If you do have something that must be seized and sold then how it is to be sold is up to your trustee. cars are usually taken to auction, as are other portable items. Houses are listed with local real estate agents who then handle the process.
“We live in a small world” so it is possible your friends and/or neighbours may find out that you have filed for bankruptcy. Beleive it or not, 12% of all Canadians end up filng either bankruptcy or a consumer proposal at some point in their lives. It is ot something anyone talks about, but I assure you, the procedure is a lot more common than anyone realizes. It’s an unfortunate side-effect of having easy access to credit.
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