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we own a holiday trailer and boat free and clear. I'm going bankrupt. what happens with these assets? we both worked to pay for them.



Grant Thornton Limited



Feb 24, 2016



Hello, The boat and holiday trailer will be non-protected assets in a bankruptcy. You may have one of two options: 1. Sell the assets and provide the Trustee with your half of the net proceeds if it is jointly owned. 2. Contribute an amount equal to what the Trustee would receive if the asset was sold. The Trustee may agree to a reasonable monthly payment during the bankruptcy if it is affordable by you and your family. Perhaps you can contact our office and we can also discuss other formal options such as a consumer proposal. The proposal allows you to keep your assets and make payments to your creditors.

Susan Methuen
T 403-310-8888


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