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inheritance and bankruptcy

If you come into an inheritance of realestate and money after you have declared bankruptcy, what amount are you allowed to keep, if any.

Posted from: Alberta

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One Response to “inheritance and bankruptcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If you receive any lump sum of money or real estate that is not related to your normal income while you are in bankruptcy, the entire amount of money and the property is lost. The property would be sold and any money would ultimately distributed among your creditors. The only way you would be able to retain any of this money or the proceeds from the property would be if there was sufficent to pay the creditors in full plus 5% interest.