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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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inheritance pending, postpone bankruptcy?

If I am considering bankruptcy, what do I need to do to avoid losing my inheritance from my grandfather, who passed away last year? The estate trustee has said she would do whatever will serve me best, as long as it is legal, and within the realm of her authority as trustee. Is there a way for her not to pay it to me, and to give my inheritance to someone else instead? If she pays me my settlement now, and then I file for bankruptcy next month, what will happen?

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One Response to “inheritance pending, postpone bankruptcy?”

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

You really have no choice. If you are aware that the money is available, or will be becoming available and choose not to disclose this to your trustee and your creditors, then you have committed fraud. There is no way you can stagger the payment, or delay the date of the payment, the fact that you have the ability to control / request this suggest that these funds are monies that legally are available to your creditors, whether this is through a bankruptcy, a proposal, or simply you remitting those funds upon receipt directly to your creditors.