December 31st, 2009 by Questions

I am bankrupt, and have not been discharged, 4 months to go, and recently heard that a distant relative, may have left something to me. I am not even sure if i am in the will or know when and how much i possibly could receive. If i was to receive anything that is less than the amounts due to the creditors, would the entire amount go to the trustee, or will it form part of my income for the month, and the surplus go to the trustee ?
And i heard that some estates could take month even years before anything is paid out, since i am not even sure if if i will get anything, do i consider the inheritance if any received the time it is received or the time of death??

Posted from: British Columbia


One Response to “Windfall”

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

What you need to do is to contact your trustee and provide them will all the details concerning this potential inheritance. The way and inheritance works is that it is lost as part of the bankruptcy (i.e. it does not get considered as income and therefore is not subject to the surplus income provisions).

In terms of timing, it really makes no difference if it gets settled now or in the future as the moment you become aware of it (i.e. upon death) you are required by law to disclose this as it automatically vests in the bankruptcy estate.

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