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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Inheritace in Bankruptcy

Hi, My wife and I filed for bankruptcy in June due to our Business folding. In the meantime my wife’s Grandparents have passed and we think she may be in the will. If the estate is settled outside of the 9 months will we be able to keep the inheritance? And what if the estate is settled in the time we are in bankruptcy?
Thanks.

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One Response to “Inheritace in Bankruptcy”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

This is an issue you need to inform your trustee about and discuss with him immediately as it is one of your obligations within the bankruptcy and failure to do so could be considered fraud and be a reason why someone could be found ineligible for a discharge.

As for what will likely happen, if you receive the money while in bankruptcy it must be paid to the trustee and made available to the creditors. If the monies don’t look like they are going to be distributed until after your bankruptcy, if significant enough it may hold up your discharge.

Again, I must emphasize you have a legal obligation to inform your trustee of this matter and failure to do so can result in some very significant ramifications (i.e. any discharge that is granted may be rescinded and potentially refused as a result of your failure to uphold the integrity of the Bankruptcy and Insolvency Act).