FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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Inheritances during bankruptcy

If you inherit a house while still bankrupt, what happens once the house is put in your name?

And if you also inherit enough money along with the house to pay for the total amount of your debts just prior to bankruptcy, can you keep the house?

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One Response to “Inheritances during bankruptcy”

Barton Goth GCO Bankruptcy Trustees said...

Both of these are assets you must notify your trustee about. Any after acquired property as this would be called is something that vests in the trustee, must be liquidated (in the case of the house) and the proceeds used to be distributed amoung your creditors.

Failure to notify your trustee would be considered an offence under the Bankruptcy and Insolvency Act and will likely prevent you from being discharged.