Consumer Proposal, Houses and Trustees
Question: Are trusties to be trusted or are they in it for the money and to buy a persons home because of the big money to be made by reselling it after?Answer: All bankruptcy trustees in Canada are licensed by the federal government. They are subject to very strict rules, and are not allowed to profit by selling your house. In fact, it would be basically illegal for a trustee to buy a house from a bankrupt for below market value and then sell it later at a profit.
In the event of a personal bankruptcy where a trustee is required to sell a house (which is unusual), the trustee would use a real estate agent, and the house would be sold at fair market value. The trustee would not personally profit from the sale.
Labels: bankruptcy trustee
posted by Questions @ 2:48 AM
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