Do I lose my furniture if I go bankrupt?

Do I lose my furniture if I go bankrupt?

Generally not.

Recent changes in legislation provide that no creditor may seize furniture or household goods (up to a resale, or garage sale) value of $11,300, even if the furniture has been pledged as collateral for a loan.

The exception is furniture that has been purchased on store credit (and not paid in full). This means that, technically, the store (or their finance branch) that lent money for the purchase of their furniture has a right to repossess it. However, these companies are in the business of selling new furniture (and lending money), not in the sale of used furniture, so do not despair. Talk to your Trustee about your options.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.