Recent purchase, including it in a bankruptcy

In Anonymous Q & A, Bankruptcy, Halifax, Nova Scotia by Questions1 Comment

I purchased a bed recently with one year deferred payments. Will this be included in my bankruptcy and if so will this cause problems because it is a recent purchase?

Comments

  1. Desmond West-Chow, CIRP
    Desmond West-Chow, CIRP

    What we commonly see with purchases like these, is that the debt itself is included in the bankruptcy, and the amount you would have paid for the bed would instead be paid into the bankruptcy in order for your creditors to receive that amount of money.

    Because the purchase is so recent, there is an argument that could exist from the creditor who sold or financed the purchase, that the purchase was fraudulent. We always prefer that those funds are offered up voluntarily to avoid those issues.

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