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settlement

I first started having money problems in 2006 when a business failed. In 2009 I receieved a settelment of $32K. I used the money to pay taxes, legal fees and living expenses. I am now concidering either filing bankruptcy or making a consumer proposal. Do I need to let the trustee know that I received this money in 2009?

Posted from: Ontario

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One Response to “settlement”

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

You will definately need to disclose the receipt of this money and be prepared to explain the details about how these monies were used.

It is important to recognize that when you meet with a licensed trustee the quality of advice they provide is based on the quality of information that you provide. So if you leave out significant details such as this, then the information provided by the trustee won’t be as accurate.