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House Reassesment before discharge

Can a trustee request a re-assesment (assesment took place at date of bankruptcy)of your house prior to discharge? If there has been an increase in the asset value from the time of declaring bankruptcy, would I be forced to sell the house and hand over the proceeds to my trustee?

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One Response to “House Reassesment before discharge”

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

Yes, in many circumstances a trustee is required to obtain an assessment of a home near to the date of discharge as possible. This is largely as a result of a number of court decisions that primarily came of Alberta in late 2002 in which the courts have ruled that any increase of equity within the house during bankruptcy are considered to be assets available to creditors and therefore and additional appraisal must be obtained and the non-exempt equity must be realized. This can lead to a sale of property, although there are a number of other alternatives as well. I suggest you contact you trustee concerning this issue.