September 19th, 2011 by Questions
I own a boat and a trailer that are paid for in full but have gotten behind on bills and am thinking of filing a consumer proposal, what will happen to these assets.
Posted from: Ontario
One Response to “Asset concerns”
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September 19, 2011 at 5:03 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
When filing a consumer proposal you don’t directly loose assets, but they have to be considered.
What happens is that a consumer proposal must offer more to your creditors than a bankruptcy. So in a bankruptcy both of these assets would be sold and create a distribution for creditors. So this is something that will have to be reviewed by your trustee and considered when they determine what type of offer must be made to your creditors.