Joint assets in a bankruptcy?
My husband and I have lived together for several years. We had about $4000 in household assets each when we moved in together. We have since received some furniture as gifts over the years. Are these gifts in his name, my name, or both? Can they be seized? Do they count toward my assets in the bankruptcy?
Things you have accumulated without clear ownership during your relationship will be considered jointly owned. Depending on where you live, they may or may not be subject to seizure in a bankruptcy.
For example, in Ontario where we practice, each adult is entitled to furnishings worth up to $11,300 if they file bankruptcy. If your possessions are worth that amount or less they are exempt from seizure (unless you’ve pledged them as security for a loan).
Use the links to find a truste in your area and ask them what the rules are where you live.