FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Returning purchased items

I believe I know the difference between secured and unsecured debt, but I still have a question. If I was to file for bankruptcy, what becomes of items such as furniture and electronic equipment which were purchased from large chains that feature “no payments for a year”.
Some payments have been made on these items but there is still significant money owing.

Can these items be requested to be returned if I file???

Thank you,

Dave

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One Response to “Returning purchased items”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

If you have made any purchases on deferred payment plans (i.e. don’t pay a cent events) at any time in the 12 months prior to filing bankruptcy and have not paid off the balance of these items in full, then this is property that must be disposed of and the proceeds distributed made available to your unsecured creditors in the bankruptcy estate. The only way you will be able to retain these items is if you bring the full purchase price of the property to your trustee.