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Sale of property / house prior to filing for bankruptcy

What happens once you`ve sold your house paid off some depts and you still end up declaring bankruptcy.

Posted from: Ontario

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One Response to “Sale of property / house prior to filing for bankruptcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

As long as you sold your house for fair market value and didn’t selectively pay certain creditors you shouldn’t have any problems.

However, if you did sell the house for less than fair market value the transaction could be reversed as a result of the bankruptcy.

If you purposely tried to pay certain creditors (i.e. family member) to the detriment of your other creditors then that payment may be demanded back by the court so it can be divided equally amoungst all of your creditors.