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Bankruptcy Calgary Edmonton Q&A Forum

Author:

 

Jason

Question:

 

I have a vehicle thats worth $5000, and I rent my home, I have a holiday trailer thats worth $5000, and a boat thats worth $8000, Well I be required to sell the trailer and boat? Can I sell them to a friend for nothing?


From:

 

Grant Thornton Limited

Date:

 

Mar 07, 2014

Answer:

 

Jason Your vehicle would be an exempt asset in bankruptcy proceedings. Your boat and holiday trailer are non exempt and you will be required to have them appraised and pay to the Trustee the appraised value. Another option would be to release these assets to the Trustee for sale. I suggest that you obtain an appraisal prior to embarking on a bankruptcy so you are aware of the value of these assets. If you sell the assets to a freind before bankruptcy you will be required to prove the sale was at fair market value and account for the disposition of the proceeds of sale. If you have any further questions please contact me by telephone or email. Thanks for the question.

Marie Kozlowski
T 403-296-3082
Marie.Kozlowski@ca.gt.com

 

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