Transfer Of Assets Prior To Bankruptcy

2011-06-22   minute read

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]      

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