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Children’s assets – if over 18 years old

We are considering delaring personal bankruptcy.

Can trustees seize assets belonging to our children if the children are over 18??

ie – we have 2 children over the age of 18 – they each own a horse and a computer – would these items be seized??

Also

We own and operate a hobby farm that brings us in a good revenue – it is registered as a farm and has a gst number. One trustee I met with says that we qualify for the farm equipment exemption of $28,000., and another trustee says that we don’t. The farm generates approx $30,000. in yearly gross revenues and we will be increasing this over the next couple of years.

thansk

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One Response to “Children’s assets – if over 18 years old”

A licensed trustee said...

You are asking two distinct questions. First, in general if you go bankrupt only your assets are seized, not the assets of your children. However, if your child owns a horse worth $100,000 that you bought for them yesterday, it is likely that the trustee would consider that to be deliberate fraud, and in that case the asset could be seized. If the assets are of minimal value, or if your children purchased them with their own money, it should not be an issue.

Regarding your second question, the answer will depend on which province you live in, since each province has different rules. I suggest you contact a licensed trustee and ask them to explain to you, in detail, how they arrived at their conclusion regarding the disposition of your property.