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Inheritance

If a relative dies prior to us filing for bankruptcy, but during our bankruptcy period we inherit some money, do we need to turn it over to the trustee?

Posted from: Ontario

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One Response to “Inheritance”

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

Absolutely. You have an obligation to inform your trustee if you become subject to an inheritance at any time before or during the bankruptcy. This money is then lost as part of the bankruptcy and used to create a benefit to your creditors.

Failure to disclose this is very serious matter, it is bankruptcy offense and can result in fines, not being eligible for discharge and ultimately prison time (see Peter Pocklington for example),