February 29th, 2012 by Questions
We have 4 ponies on our property, providing care! A minimal cost to the budget and they are considered pets to my family. If my husband is forced into bankruptcy, what would happen to the ponies.
Posted from: British Columbia
One Response to “Horses/livestock,”
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February 29, 2012 at 11:05 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
The horses / ponies would all be considered a non-exempt asset. Meaning that the value of those ponies legally must be distributed amongst your unsecured creditors as part of a bankruptcy. So the options are very simple, either the horses are sold and the value, whatever that might be, be paid into the trustee for general disbursement among your creditors. OR you get the horses appraised and pay the appraised value of all the horses into the trustee. Either way, the creditors will be satisfied.