enough money to pay of all debts
December 28th, 2008 by Questions
After just being discharged, I recieved notifaction of how much an inheritance was to be..(yes, my trustee was notifed of inhertince before..we were wating for the draft to be made avaible to trustee) anyways, the inhertience I was to recieve more then pays off all my debts, with a few thousands left over. Do I get the money left over?..or are there fees etc that go to the trustee? What about my income tax last year, it all went to creditr also in trust by my trusttee, does that amount go in affect to how much if any money I might recive back?
Posted from: Manitoba
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December 29, 2008 at 10:01 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
All of the money received by your trustee gets used to first pay the trustee fee. Once the trustee fee is paid the next people in line are your creditors. The most your creditors will receive is payment in full plus 5% interest. After the creditors or satisfied anything else will then go back to you (minus some small items like superintendent fees, court registration costs, gst, counseling etc.)