house and land evaluation
September 16th, 2008 by Questions
how does a trustee or creditor find out how much ones house is worth if one desides to file for bankruptcy?, and if one has land that the house sits on, is it just the first 5 acres that is of concern when it is time to sell or is it different when one files for bankruptcy ( I heard it is just the first 5 acres). like to know for sure.
if a consumer proposal is filed instead of bankruptcy, (ie: the amount owing is 50,000.00) about how much do one have to pay back? is it 50% or the whole thing?
Posted from: New Brunswick
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September 17, 2008 at 9:29 am, Barton Goth - Goth & Company Inc. - Bankruptcy Trustees said:
The answer to this question depends on not only the province you live, but can very slightly between trustee’s. So it is best to contact a local trustee to concerning this.
Although, typically the trustee is encouraged to deal with the property early in the administration of a bankruptcy and will likely have a real estate agent provide a ball park figure and if need will then go to a full blown appraisal after that.
As for a consumer proposal, the range is very different for each situation. I have had people who paid back 20% and I have had people who had to pay back 100% of their debts in full. To get an idea of what to expect you need a local trustee to review you income, expenses, assets and creditors and then they will be in a position to suggest what would be likely to occur.