discharge and inheritance

November 23rd, 2009 by Questions

So what if you have received your discharge and then get an inheritance? Is that money subject to be touched by debtors etc.?

Posted from: Ontario


One Response to “discharge and inheritance”

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

Yes, while in bankruptcy if you have any lump sum of money or property that is not relating to your normal income or property it is lost as part of the bankruptcy.

So your legal obligation is when you become aware of any lump sum of money or property (including an inheritance), you legally are required to disclose this to your trustee and failure to do so is considered to be an offense under the Bankruptcy and Insolvency Act and will result in significant penalties.

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