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What if your inheritance was more then your total discharged debt?

What if your inheritance was more then your total discharged debt? Would you get what is leftover?

Posted from: Ontario

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One Response to “What if your inheritance was more then your total discharged debt?”

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

If you receive an inheritance during bankruptcy the money, irrespective of the amount, will be used as follows:

1. To pay the cost of administration (the trustee);

2. To pay the creditors. The most your creditors could get would be payment in full plus 5% interest; and

3. Anything left would be returned to the debtor upon confirmaiton that all previous payments had successfully cleared the bank.