if i receive a `windfall` while in bankruptcy
I keep reading that if you receive an inheritence, lottery winning, etc, you will lose it to the bankruptcy. What I wanted to clarify is, if the windfall amount is MORE than the bankruptcy (my bankruptcy included just under $35000 in debts), do I really lose ALL of the windfall, or do I get back the excess after all of the debts are paid?
Posted from: Ontario
If your trustee receives more funds that are required to repay your debts in full, plus any prescribed interest, plus all of the costs of administering your bankruptcy, the excess funds will be returned to you.
This applies to windfalls and any other money that may be paid into your bankruptcy.
In other words, you’ll get the excess money back.