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personal property

I am wondering if,when you file bankruptcy,in the event that there is no equity -and you are able to keep your home,if anyone comes to your home to evaluate a list of your personal goods,ie furniture,electronics,tvs,etc for an estimate value,& can they take personal goods from your home?

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One Response to “personal property”

Barton Goth GCO Bankruptcy Trustees said...

Typically with no equity in your home as long as you are able to keep up on your mortgage payments you should not have any reason to be concerned.

As for personal assets. Typically provinces provide a list of exemptions that perscribe items that creditors cannot take unless you have provided them that right (i.e. like a mortgage, in the agreement you pleged your interest in these assets as security against a loan). If you have pledged your interest as security they can come and get the property if you neglect to make payemnts on the loan as originally contracted.

For more informaiton on the list of provincial exemptions you are best to contact a local trustee and they willl be able to explain how the exemptions operate and what qualifies as exempt property in your ares.