Child benefits and bankruptcy
April 20th, 2008 by Questions
I have a six year old child. Over the past six years I have recieved about 18,000 dollars as child benefits (Canadian child tax benefit , National child benefit supplement , Universal child care benefit , Ontario child care supplement) into my bank account. If I declare bankruptcy , can I exclude that amount of money as `held in trust for child`? Can I transfer the money to my child`s account and protect that money?
Theoretically this money is `family benefit` acould have gone into my spouse`s account or the child`s account and be protected from seizure. Does that protection still apply if the money is in MY account?
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)