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

2025-06-30

How do I respond to creditors?

Caryl Newbery-Mitchell

Credit Counselling

Here are the ABC’s of dealing with creditors and debt collectors.

Read More

2025-06-30

What rising interest rates could mean for you

Jeane Herman

Lifestyle Debt Debt Solutions

Eight times a year, the Bank of Canada will make an announcement on the key interest rate, and if projections are correct, we are going to see interest rates rise. You could be thinking, what does that mean, how will it affect me, what can I do?

Read More

2025-06-25

How to budget for inflation

John Athanasiou

The cost of daily goods has been rising over the past few years — increasing the price of food, gas, clothing, and many other essential items that Canadians need in their day-to-day lives.

Read More

Consultation icon