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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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Exempt Assets

I have recently filed a consumer proposal. In the meantime, I have become ill and will have a $25,000 payout from a Critical Illness Insurance Policy. Must I include this money in the settlement? Is it considered a windfall? Must I declare that I am receiving this money?

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One Response to “Exempt Assets”

Barton Goth GCO Bankruptcy Trustees said...

This largely depends on where in the proposal process you are. If your proposal hasn’t been voted on yet you are required by law to disclose this windfall to your trustee and will likely have to amend the terms of the proposal or even possible withdraw the proposal.

If your proposal has already been voted on, the contract is in place, the money would be yours to keep. As a result of this unexpected capital you may want to consider simply paying off the proposal in a lump sum and move on with life.