Can They Take My Daughters Property In My Bankruptcy

2009-06-26   minute read

When someone declares personal bankruptcy, they swear a Statement under Oath as to all the Property that they own. But only the property that they, themselves, own. So if this property was left to your daughter and you have the backup paperwork to prove that, then you wouldn't be listing this property in your bankruptcy paperwork.  It's your daughters and not yours. So the answer to your question would, they can't take away your daughter's property. Because your daughter is a minor, are there any provisions whereby you are holding it in trust for her until she reaches the age of 18,21,25? If so, ensure that you have the proper paper trail to show that even though you currently have the property, it is only being held in trust for your daughter. There are certain provisions that have to be met to prove that it is trust property, and not yours. If you want to discuss the specifics of this property, feel free to give me or any one of our Trustees a call. Donna Carson, CGA, CIRP, Trustee Calgary, Red Deer and regions 1.877.500.0792 [email protected]

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