What should I do.
March 14th, 2010 by Questions
I am thinking of shutting down and claiming bankruptcy. What am I going to do this has been my life for 13 years. I feel like I won`t be able to survive without it but I can`t keep it going either. Can I sell assets and bank some cheques somehow to survive before claiming bankruptcy. If I sold some assets and cashed some cheques before claiming I could get about $60,000. I would still have some left over but at least I could have some $ to either go back to school or live until I find another job. Thank you for any help
Posted from: British Columbia
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March 15, 2010 at 9:28 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
You are not permitted to sell assets and cash cheques prior to the filing of a bankruptcy and doing so will likely result in you not being eligible to be automatically discharged.
The idea behind the bankruptcy is not to allow someone to organize their finances in a manner that is prejudicial to the right of creditors, but to strike an equitable balance between both creditors and debtors. So the bankruptcy is designed to take certain types of assets and distribute them in a equal and fair manner amongst your creditors and any efforts to liquidate property prior to filing a bankruptcy can have some significantly negative ramifications.