April 18th, 2011 by Questions
is any amount of monies exempt ? what about gifts or inhertances ?
Posted from: Nova Scotia
April 18, 2011 at 9:43 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
While there are a number of exemptions availablre, there are very few that are allocated for money. Most of these exemptions deal with property.
Gifts, this is an interesting one, it really depends on what type of gift we are dealing with and I would suggest you discuss that directly with a local trustee. But with inheritances they are significantly more specific, inheritances on not considered to be exempt, if you file a bankruptcy any inheritance is automatically lost and used for the general benefit of your creditors.
Log in to Reply
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.)
You must be logged in to post a comment.