promissory note and personal bankruptcy
May 29th, 2008 by Questions
In the mid 80`s I received cash from my father and gave him a Promissory Note back in exchange. In 1994 I went into personal bankruptcy. My Father was aware of this and it was mentioned by the Receiver to the Judge. A notice to all creditors was published in the Globe & Mail and my father knew of this. I was discharged in 1996. My father passed away in 2007.
The estate Executor, acting on advice from the estate lawyer, says the note is still valid and is deducting it`s value from my share of the estate. The monetary value of the Promissory Note has been added to the total value of the Estate.
My position is that it has a zero, or nil balance, and should not be considered in the estate distribution. Your comments will be much appreciated!
Posted from: Ontario