November 16th, 2009 by Questions
What if your inheritance was more then your total discharged debt? Would you get what is leftover?
Posted from: Ontario
November 16, 2009 at 10:29 am, 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.
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