Receiving Severance while in Bankruptcy
August 15th, 2010 by Questions
I am expecting a severance from my previous employer (I am recently retired) any day now and I am currently in the middle of a bankruptcy. The severance will be in excess of $10,000. I also am on a pension which puts me right at the surplus income threshold. I have heard this severance will be safe from my Bankruptcy but I am not sure. Is this considered excess income or is it money I will be able to keep in full? Also, if it is excess/surplus income, if I put in all in an RRSP will it be safe from my bankruptcy? Thank you.
Posted from: Ontario