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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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benificary?

If I come into unexpected money from being a benifcary in a will…Will that money be taken from me if I am in a comsumer proposal, or if I claim bankruptcy?

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One Response to “benificary?”

Barton Goth GCO Bankruptcy Trustees said...

In a bankruptcy yes, that money will immediately vest in the trustee. As for a proposal, there is no automatic vesting of assets so as long as you had no real guarantee the funds were going to be coming in then you don’t have to factor it in when putting forward the propsal. But be sure to discuss this and the liklihood of this with your trustee prior to filing any official documents.