Sold secured asset

May 14th, 2008 by Questions

I recently moved to british columbia back with the family for personal health reasons. There is no jobs here were im located to make the income i was making back in alberta. I sold my snowmachine so I could afford to move and I still owe money on it.
How will this affect my bankruptcy?

Posted from: British Columbia


One Response to “Sold secured asset”

, Barton Goth GCO Bankruptcy Trustees said:

As long as you sold the snowmachine prior to filing bankruptcy all that will happen is that the shortfall on the loan (i.e. the difference between what you sold it for and what you owe, plus any penalties and interest) will be an unsecured creditor that will be listed on your bankruptcy documents and you will be cleared from.

If you have done this after you filed a bankruptcy then you will be responsible for the shortfall.

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