My ex and I own a travel trailer and a vehicle. There is no loan on the trailer, but therre is a loan on the vehicle and it is in both our names. My ex would like to keep the vehicle and trailer. There isn`t any equity in the vehicle, we actually owe more than it is worth. Do I have to list both of these? Can I just ignore them and things will work out?
listing assets when filing bankruptcy in edmonton
posted by Questions @
1 Expert Comment:
At March 18, 2009 |
6:59 am
, Barton Goth, Trustee in Bankruptcy Said...
The vehicle likely isn’t an issue if there is no equity in it. As long as he continues to make the payment likely the lender won’t have any issues.
Now the trailer is a different issue. You own 50% of the trailer and that 50% is an asset that legally must be disposed of and distributed among your creditors. So either the trailer will have to be sold and 50% of the revues will come into your bankruptcy and be distributed among the creditors or your ex can buy your half of the equity and again the money would be paid into the trustee and distributed to the creditors as required by the Bankruptcy and Insolvency Act.
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