September 30th, 2008 by Questions
If I declare bankruptucy and I have a ski-doo with an approximate value of $3000 what will happen? Do I lose the ski-doo?
Posted from: Newfoundland and Labrador
October 01, 2008 at 7:12 am, A licensed trustee said:
If you want to keep your Ski-doo you will likely have to pay your trustee and amount equal to the value of your sled. Otherwise, your trustee will likely put it “up for sale” in order to raise cash for your creditors.
Depending on your situation (ie how much yo owe versus how much you earn) you might want to consider a consumer proposal instead of bankruptcy. If you file a proposal you’ll get to keep your sled…
Contact a trustee in your area and give them a call – that’s the best way to get started.
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