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items to keep during bankruptcy

if 2 months ago before filing for bankruptcy i bought some furnature on my visa will i have to return the furnature?
also what about groc i bought on my visa days before i file for bankruptcy? is that considered fraud if i buy groc on a visa knowing i may be filing bankruptcy in a week or two?

Posted from: British Columbia

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One Response to “items to keep during bankruptcy”

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

Any items you have purchased on credit prior to a bankruptcy will have to be dealt with through your trustee. Really there are two possibilities. The first is you simply bring the items in question to your trustee and they will have them sold and arrange for the proceeds to go to all of your creditors equally. The second possibility is if you want to keep the items in question. To retain these items you can re-purchase them from your trustee. The idea is you have to pay for those items, but the money must go to all of the creditors generally. So to do this you can provide the full purchase price of the items to your trustee and your trustee will take care of distributing these funds as part of the overall administration of the bankruptcy.