Bankruptcy at age 68, receiving alomony

February 7th, 2009 by Questions

My mother in law is 68 and has never worked. She receives alimony from her ex husband of 35 years…he is now retiring and her amount will decrease. She has $35,000 in credit card debt, and about $10,000 in taxes, lives in an apartment but has $150,000 in some sort of locked investment she recieved at the time of the divorce. She does not get CPP. She cannot afford her monthly debt payments. Can she declare bankrupty with the $150,000?

Posted from: Quebec


One Response to “Bankruptcy at age 68, receiving alomony”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

There are a number of investments that are protected, but without knowing the specific type of investment, when it was put in, where the money came from etc. it is not possible to determine if this is a prote4cted investment or not. So you need to gather up any details concerning this investment and consult with a local trustee.

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