Transfer Of Assets Prior To Bankruptcy

2011-06-22

When you file for bankruptcy , you will be swearing a Statement of Affairs.  This form includes sworn information about the transfer of any assets in the last year/5 years. This is the same in Alberta as well as every other province. If you transferred your 1/2 interest in the camper for no consideration, it is something that the Trustee will have to review.  It is possible that you will have to pay 1/2 of the fair market value of the camper into your bankruptcy estate.  It will depend on when the transfer happened and whether or not your spouse paid you anything for the transfer.  I am assuming that the camper wasn't your principal residence/house. You should review this with the Trustee during your initial meeting.   Donna Carson, CGA, CIRP, Trustee Calgary and Central Alberta regions 1.877.500.0792        [email protected]      

Latest Blog Posts

2025-09-12

To be or not to be — a director. That is the question.

Pamela Meger

Thinking of becoming a company director in Canada? Sure, it’s an impressive title. But it’s also a serious legal responsibility.

Read More

2025-09-04

Will Bankruptcy Erase All Of My Debt?

Mary Plahouras Rob Shier

Bankruptcy

The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.

Read More

2025-09-02

How to budget when you’re living paycheque to paycheque

Caryl Newbery-Mitchell

Lifestyle Debt Debt Solutions

You already know the many benefits of skilled money management. The fact you’re reading this blog post says at least that much. Your challenge, like for most households, is how to navigate the seemingly infinite demands on your frustratingly finite income.

Read More

Consultation icon