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Bankruptcy and death

I have recently lost a family member how I have discovered has no will and in bankruptcy that the terms were not honored. This person has nothing of value except a house which is morgaged and has no equity in it. What should I do as I am looking after the estate.

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One Response to “Bankruptcy and death”

A licensed trustee said...

If I am understanding your comment correctly, you are the executor for a deceased family member’s estate and you have determined that they were bankrupt.

If that’s the case, you need to contact the deceased person’s trustee to settle the estate. Things like the CPP Death Benefit and Life Insurance proceeds may have to be paid to the trustee. In addition, the trustee may be required to pay some of the funeral costs from those funds. Give them a call and they should be able to explain what needs to be done.

If you don’t know who the trustee is, contact the Office of the Superintendent of Bankruptcy and they will be able to tell you who the trustee is and how to get in touch with the trustee.