FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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Joint Asset

My sister and I jointly own a trailer (RV). If I were to claim bankruptcy, what would happen to the trailer? How would this work with regard to it as an asset?

Posted from: Ontario

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One Response to “Joint Asset”

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

This is considered a non-exempt asset. So if there is any equity (fair market value less any loans against the trailer) in the trailer then 50% of that would need to come into the bankruptcy estate.

So this could be paid in by you and you would retain ownership of the trailer, you sister could provide the money and essentially buy you out. The property could be sold and 50% of the proceeds would be paid into the trustee.

There are a variety of options but how it will play out will largely depend on how much equity we are talking about.