How long to wait to file after selling a property?
August 6th, 2014 by Questions
After selling a property how long do we have to wait to declare bankruptcy without the sale afecting us .
Posted from: Alberta
One Response to “How long to wait to file after selling a property?”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
August 06, 2014 at 11:56 am, Barton Goth, Trustee said:
There is nothing inherently wrong with selling a property. Depending on circumstance / situation you may be just fine to file a bankruptcy immediately. The key things that need to be considered are:
a) What was the property sold for;
b) Was there any equity in the property;
c) If there was equity how much did you receive and what did you do with the funds.
I see situations all the time where a property was sold a month or two ago and a bankruptcy is filed without an issue. In fact I met with someone yesterday who had a house in Ontario that was sold. They received $12,000 after the mortgage and all legal / real estate fees were paid. During this same time the individual lost his job in Ontario, found a job in Alberta. But he had to use that $12,000 for living expenses and moving expenses in that two month period of time.
As each situation can be so drastically different, it is important to consult with a local trustee. You may find that there is no problem with you filing right away, but you won’t know until you ask.