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transferring assets

Can I sign over my cottage to my adult children to protect it from being siezed before I claim personal bankruptcy?

Posted from: Ontario

One Response to “transferring assets”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

Absolutely not. Any action such as this that is designed to thwart the rights of creditors is not permitted and if you did attempt to do something like this the transaction would be immediately overturned by the bankruptcy court, would still vest in the trustee and all you successfully accomplised is you will have committed an offense under the Bankruptcy and Insolvency Act and will likely not be eligible for a discharge from bankruptcy.