January 30th, 2014 by Questions
If I declare bankruptcy and 5 months later one of my parents dies and I am the beneficiary, what happens to that money?
Posted from: Ontario
One Response to “insurance”
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January 30, 2014 at 6:56 am, A licensed trustee said:
You will lose it – it becomes an asset of your bankruptcy for the benefit of your creditors. If after your debts have been paid in full there is money left over, that will be returned to you.
You should contact your trustee to discuss your options – it may be a consumer proposal makes sense. Offer your creditors 90% of the inheritance allowing you to keep a piece and cancelling your bankruptcy. We’ve done this quite a few times for people…