My spouse and I recently filed a bankruptcy. Included in the bankruptcy is a loan for $5000.00 which was secured with some old furniture. If they do decide to come and get the collateral, and it is not worth the amount stated on the collateral list, can they go through our house and take other furniture to make up for the difference? What action could they take if any?

What the secured creditor can seize will depend on the security agreement. Once they've taken what they are entitled to under the agreement, the rest of the debt would be part of the bankruptcy.

Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca