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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Can a trustee seize all assets of value?

Is a trustee allowed to seize any – and all – assets of value, even if their total value is less than the set limits? I heard of someone that this happened to; all his personal possessions were seized by his trustee and sold. I have a few family heirloom pieces of furniture and a couple of small antique family items that I would be devastated to lose. Does a trustee send someone to value the contents of one’s home? Using what I consider they may fetch in a yard sale or an auction, I really don’t think that their value would be over the set limits, but should I consider asking a friend to look after them for me until after I have filed my consumer proposal? Thank you!

Posted from: Ontario

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One Response to “Can a trustee seize all assets of value?”

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

A trustee will only sell assets that are above the exemption limits entitled by the province. I would not recommend having a friend look after any property before filing a consumer proposal or a bankruptcy as this would be considered an offense under the Bankruptcy and Insolvency Act and can cause you significant details if it is discovered, to the point that you may not be eligible to be discharged from bankruptcy or may cause yourconsumer proposal to be annulled.