Free Consultation

Will bankruptcy take my vehicles and furniture?

My husband is declaring business and personal bankruptcy. In the personal will they take vehicles or furniture etc. That is in my name not his. And we have 8 children so what is the allowable amount each month. Thanks

Posted from: Alberta

One Response to “Will bankruptcy take my vehicles and furniture?”

Barton Goth, Trustee said...

Firstly you need to be careful. In many instances there is no need to file the business into bankruptcy. In fact, if there is a need for the business to file a bankruptcy and you wait for the creditors to petition the company into business it may just end up costing less out of your pocket. But make sure you contact me with respect to this so we can look at the specific nature of the business and determine whether or not it makes sense. The other question is assets, if he is filing bankruptcy and you are not, then you won’t lose anything that is in your name. This could change if things are owned jointly, but we can discuss that. In terms of the allowable amount for 10 people in the household, it would be $5441.00 after tax. But let me know about the company and I will be able to help you determine if there really is a need for you spend any more money dealing with a company that isn’t operating.