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selling assets

What happens if you sell something too keep you afloat even thought you still have an outstanding loan for the item. Also what if you sell something of ignifigant value for the same reason. It the person you sold it too protected for their purchase?

Posted from: New Brunswick

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One Response to “selling assets”

A licensed trustee said...

If the person you sold the items to is completely unrelated to you (ie not a family member, a close friend, someone you work with) then they are probably ok. If they are someone you know and they got a deal that’s too good to be true they should expect to have the item taken from them or they may be required to pay the fair value of the itme if they want to keep it/them…

I should warn you that from the Court’s perspective you’ve done something VERY inappropriate. Buying items on credit and then turning around and selling them will likely land you in a great deal of trouble.