Claiming assets after discharge from bankruptcy?
December 5th, 2014 by Questions
If a trustee did not act fast enough on claiming certain assets that were suppose to be claimed, is the trustee aloud to claim the assets after discharge from bankruptcy.
Posted from: Ontario
One Response to “Claiming assets after discharge from bankruptcy?”
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December 05, 2014 at 10:41 am, Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said:
When you file an Assignment in bankruptcy you sign over to the Trustee for the general benefit of the creditors everything that you own, have a right to or an interest in. While the Trustee may release assets that are fully encumbered by a secured creditor or that may be exempt under Federal or Provincial legislation, the balance of the assets belong to the estate. The Trustee is responsible for realizing on those assets and the fact that there may be delays or frustrations with regard to realizing on those assets, does not diminish the Trustee’s right to those assets. As is often the case the realization of assets can be delayed by such things as; question of ownership, uncertainty of secured creditors claims, uncertainty of location of assets and identification of assets. All of these issues have to be dealt with or risk protracted legal action. What you describe as “not acting fast enough” could quite accurately be described as “acting prudently.”